Buildings insurance
is usually the responsibility of the
owner of the property so if you rent
your home, your landlord should arrange
this. If this is the case, you can move
on to the home
contents insurance section instead.
If you take out
a mortgage to buy your home, it is usually
one of the conditions of the mortgage
that you also take out suitable buildings
insurance, though you don’t have
to buy the policy from your mortgage
lender.
Buildings insurance will cover the cost
of repairing or rebuilding your home
if it is damaged by something like a
fire, a flood or a storm. The insurance
may also cover fixtures and fittings,
which means items such as baths or kitchen
cabinets.
The policy you take out will refer to
a ‘sum insured’, which is
the maximum your insurance company can
pay you if you make a claim. This sum
must add up to the full rebuilding cost
of your home and it is your responsibility
to make sure that the sum is right.
The
Association of British Insurers has
a buildings
insurance calculator on its website
that can help you.
