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Buildings Insurance
When you are shopping for buildings insurance there are two areas to be aware of. Always ensure that you have the right level or amount of buildings insurance cover; and check out what exclusions apply other than the standard exclusions.Level of Buildings Insurance Cover
The level of buildings insurance cover you need is not what it would take to buy your home again, but how much it would cost to rebuild. Usually this amount will be less than the market value of your house, but this does depend on where you live.
To work out the rebuilding cost of your home, the following factors are taken into consideration:
- Your postcode
- The age of the property
- The type of construction
Buildings Insurance Exclusions
Check your policy covers you fully against subsidence, flooding and fire, as these are the major events which always result in large claims. Check too that the excess, or the amount you would be required to pay in the event of a claim, is a reasonable amount e.g. £1,000 for subsidence, and the normal standard excess for flooding and fire.
If you leave your home empty for long periods of time, the building may not be covered. What would happen if, while you were away, the temperature dropped significantly and the water or heating pipes burst? You probably wouldn't be covered. These are the types of exclusions you should be aware of.
Why not take out a low cost buildings insurance quote - buildings insurance quote.