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Buildings cover
There are two aspects to look at when buying your Buildings Insurance:
Firstly and most importantly make sure that the amount that you are insured for, comfortably covers you for the worst eventuality of your house being completely destroyed and having to rebuild (taking into account all expenses like demolition and removal of debris as well as actual rebuild). This will include outbuildings, indoor swimming pool, fences etc.
Secondly, remember that the value of your house will normally exceed the rebuilding cost by a good margin. Therefore do not use your house value for rebuilding cost.
If unsure be on the safe side and ask someone with knowledge on the subject, do not make wild guesses. Overinsured is preferable to underinsured.
What is covered?
• Normally the bricks and mortar and associated construction and outbuildings.
What perils are you covered against?
• Normally, Fire, Flood, Storm, Subsidence (with increased excess) Escape of water.
• For an extra premium you can cover against accidental damage.
Remember
The insurance company will expect you to keep your house in a reasonable state of repair. You are also expected to take reasonable precautions, ie not having a bonfire 6 feet away from your house.
Excellent savings can be made on buildings insurance without loss of quality.
NB:
No two companies offer the same policy cover and there are always variations on what is covered and what you are covered against. It is vital to ensure that you find the cover that is suitable for you, your home and your belongings.
It is just as important to look at what you are not covered for as well as what is insured. |
