– Are you sitting comfortably? Let’s keep it that way –
If it’s a permanent fixture or fitting such as wall, windows, baths and kitchens, it’s classed as part of the building.
MORTGAGE REQUIREMENT
If you are using a mortgage to buy your property, it will usuaully be a requirment that you have some form of buildings insurance from excahnge of contracts.
COVER
Consider an upgrade to include accidental damage for any sudden or unintentional physical damage, for example putting your foot through the ceiling.
EXCESS AND ADDITIONS
Choose a higher excess to lower your premiums. For a more comprehensive policy consider the option of adding home emergency cover for emergency repairs.
REVIEW THE POLICY
Many policies cover standard conditions, however bear in mind that definitions of cover can vary between providers, as can their aftercare.
– How much should you insure? –
The sum assured is the amount you insure your building for. It differs from the market value as it only covers the cost to rebuild the property, you already own the land it sits on.
Rebuild costs can vary, if you have a house recently built your rebuild costs could be less than the market value. If you live in a period property the cost could be high due to the expense of the materials needed to replace them.
Make sure you do not under insure, otherwise you may need to fund the remaining costs yourself.
To calculate the rebuild cost of your home, you can use the rebuild calculator provided by The Building Cost Information Service (BCIS).
