Buildings insurance, unlike contents insurance, protects the actual structure of your home, fitted fixtures and out-buildings. If something is permanently attached to your home it will be covered under your building insurance; for example, bathrooms, pipes under the house – even the kitchen sink!
For a building insurance quote and to discuss your individual requirements, talk to the home insurance team on 0844 692 8400^ – or get a quote online.
Why do I need buildings insurance?
Buildings insurance is required by mortgage lenders in order to secure the asset they have loaned money against. This means that although buildings insurance is not a legal requirement in the UK, it may be difficult to acquire a mortgage without adequate buildings insurance in place.
If you rent your property, it is usually the landlord’s responsibility to have the appropriate buildings insurance in place – if you are a tenant and are uncertain as to what you are covered for, speak to your landlord.
Building insurance covers you in the event that your home is damaged and needs repair, or in severe cases needs rebuilding, so it is important to make sure you have adequate cover. Something to pay particular attention to when obtaining your buildings insurance quote is your property’s rebuild value. Your rebuild cost is not the market value of your home, but instead the cost of rebuilding your home from scratch including all materials and labour. It may sound simple, but confusing the two could be costly.
If your home is made uninhabitable as a result of something like subsidence, fire or flooding then alternative accommodation cover on your home insurance is invaluable.
The cost of renting temporary accommodation while repairs are made to your property can be significant depending on the amount of work required to return your home to its original state. A good buildings insurance policy will cover any alternative accommodation required and provide peace of mind should your house become unlivable.
If you are unfortunate enough to lose or have your house keys stolen, a policy which features key insurance will pay towards the cost of replacing locks and keys to exterior doors and windows. Many policies will also cover reprogramming the alarm systems within your buildings if the keys are stolen or accidentally lost.
Calculating rebuild value
In this economic climate, where a property’s market value may be lower than normal, the cost of rebuilding the property may be unchanged – underestimating the rebuild value could mean that a claim, should the worst happen, would not be fully covered. The Building Cost Information Service (BCIS) provide a handy online calculator to help work out the costs of rebuilding your property, however for an accurate cost you should seek the advice of a qualified surveyor.
Buildings Insurance with Staysure
Staysure is a specialist in providing a range of insurance products for the over 50s market. We care about your home and treasured possessions and want to ensure you get the quality of cover they deserve.
We work with leading insurers in order to provide you with great value for money building and contents insurance quotes as well as additional cover options including Legal Expenses Cover and Home Emergency Cover.
Talk to the Staysure home insurance team on 0844 692 8400^ who will be more than happy to help with any questions or queries, or get a quote online.