What is Home Buildings Insurance?
Building insurance covers the cost of damage to the structure of your property. This includes the roof, walls, ceilings, floors, doors and windows. Outdoor structures such as garages and fences are also included.
Building insurance covers permanent fixtures and fittings, interior decoration and underground tanks, pipes, cables, and drains for which you are responsible from your home to the mains supply.
Why Do I Need Home Buildings Insurance?
If you are an owner-occupier with a mortgage, it will be a condition of the mortgage that your home is insured. Your mortgage lender will make sure that the amount of cover is sufficient to meet the outstanding amount of your mortgage. However, you should make sure that this is enough to cover the full rebuilding costs of your home.
If you buy or sell a house, responsibility for the buildings insurance passes to the new owner when the contracts are exchanged. It is therefore very important that, if you are buying a house, you insure the property from the day the contracts are exchanged. This is because if the house is damaged or destroyed, you will be expected to cover the loss. If you are selling your house, you have a legal responsibility to look after the property until the sale is completed, and you should therefore keep on your buildings insurance until then.
If your mortgage lender repossesses your home, you are still responsible for the insurance until it is sold. Your insurance policy may no longer cover you if you are not living in the property. You should explain the circumstances to your insurer so that they can change the terms of your policy. They may want assurances that someone, for example a neighbour, is watching over the property while it is empty.
Considerations for Home Buildings Insurance?
With home building insurance cover, there is an incestuous relationship between the building and their contents. Security is integral, and wonderful as the neighbours are, it is not they who you are principally seeking to protect yourselves from.
The greater the effort you make to secure your building, the better. Always keep copies of any repairs made, and keep the actual plans of the property safe.
Where changes to the structure are anticipated as a result of works to be carried out, always make sure that Local Authority permission has been granted.
Your home building insurance may be invalidated if this cannot be produced. Always be sure to have plans available if requested.
Your buildings insurance should cover the full cost of rebuilding the property. This should include costs such as demolition, clearing the site, and architect's fees. Make sure any special features such as a luxury fitted kitchen or a conservatory are also included. The Association of British Insurers (ABI) produces yearly guidelines on rebuilding costs. You can find this at
www.abi.org.uk.
What is covered by Home Buildings Insurance?
Buildings insurance usually covers loss or damage that occurs as a result of:
- fire
- explosion
- bad weather, including lightning, storms and flooding
- earthquakes
- theft or attempted theft
- malicious damage or vandalism
- freezing or bursting of any part of the plumbing system
- falling trees, lampposts, aerials or satellite dishes
- subsidence
- impact by vehicles or aircraft
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