A Basic Guide To Home Contents And Buildings Insurance
Although commonly known as home buildings insurance, this type of insurance actually insures you against a lot more than just that! In most cases, home buildings insurance will cover you in the event that your home suffers damage as a result of
(1) a fire;
(2) a flood;
(3) a storm (wind, water and lightening);
(4) burst water-pipe, mains, hot water tank, etc.
(4) nearly every other type of natural disaster; and
(5) damage caused by a break in.
As well as insuring your buildings against any of these events, your home buildings insurance should also insure adjacent property on your land; for example, your garage or greenhouse. In most cases the insurance policy will insure against damage done to your roof, walls (bricks and mortar), windows (including window panes), and door(s). In some, but not all, cases the home buildings insurance will also reimburse you for the cost of having to stay in rented accommodation (or a hotel) during the time it takes to get the repairs done to your home (following the damage having been done) - so this is always a good provision to check for.
If you own your own property, then it is almost certainly going to be the case that you need to have home buildings insurance, if not because of the inclement weather in the UK, then because your home mortgage lender is going to insist that you have this as part of your arranged home mortgage. Conversely, if you rent property in the UK, then you should not need to have this type of insurance as the landlord (owner) of the property should be insuring the building. Nevertheless, before agreeing to rent the property, you should make sure you check and see that the landlord has indeed insured the building – otherwise you may find that following a storm you are out on the street with no home and no chance of repairs being done.
You should also keep in mind that although it is likely that home buildings insurance is going to be part and parcel of owning your own home, in most cases there is no obligation on you to use a fixed insurance provider, so long as the insurance provider you do use is approved by your mortgage lender. As such, you can make real savings on your home buildings insurance by arranging to have the insurance provided by an online insurance provider.
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