|Building Insurance Quotes|
When you are a homeowner you no longer just have to think about insuring your possessions but rather you have to keep in mind that building insurance is also of the utmost importance. Building insurance is the only way that you can avoid a payout that would most likely be very substantial should your property get damaged in any way.
Buildings insurance should be researched very carefully when you come to buy a policy as, like with all insurance products, the details of cover vary greatly from one insurer to the next. You need to right down a list of all the things that are most important in your circumstances before choosing a building insurance policy for your home.
Here are just some of the aspects of building insurance that you may want to think about while comparing the deals on offer:
- The first and most important part of building insurance is the total value of the cover you get given. Further to this it should be noted that requesting cover over and above this standard amount could push up your premium considerably.
- Next you need to ask how the policy is going to cover you. Things such as subsidence, flooding, extreme weather, damage from nearby trees and even accidental damage should be included in most policies but you need to check this to make sure.
- If you need to make a claim, how long does the process take? You can really only get this information from others’ experiences so search places such as the Moneysupermarket forum to find first hand experience with all the major insurers.
- When damage to your property requires repairing does the insurance company arrange for the work to be done or do they simply pay out and make you do the leg work of hiring builders or whoever else may be required?
Building Insurance FAQs
Is buildings insurance a legal necessity?
Buildings insurance is not required by law but you will find that almost no lender will provide you with a mortgage unless you have a policy.
What factors are likely to determine the buildings insurance quotes I get?
- The age of the building
- Your postcode
- Type of property (e.g detached, bungalow, terraced, flat, etc.)
- Number of bedrooms in the property
- Details of any previous claims on your building insurance
- The name on the mortgage
How much buildings insurance do I need?
You should get a policy for the total cost of rebuilding your home and this is called the reinstatement value.
What is an excess?
The excess is the amount of the claim that you are responsible for paying before the insurance company cover anything that is remaining.
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