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If you own your home, then you might want to consider buildings insurance. When you take on a mortgage then the provider may want you to have a buildings insurance policy, but even if they don’t, you might still want cover to protect yourself. 

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What does buildings insurance cover?

Buildings insurance covers the cost of repairing your home if it is damaged or, at worst, rebuilding it if it is completely destroyed by a fire, a storm or another natural disaster. Anything can happen, from vandalism to the equally devastating effects of subsidence.

So you need to know that you’re covered in case something goes wrong.

Your policy will cover damage to your building’s structure, including the walls, roof and windows. The fixtures and fittings are also included and many policies may cover your central heating, wiring and water, right down to the kitchen sink.

Most policies will cover you for internal damage caused by a leak or an electrical fire. Don’t underestimate the damage a burst pipe can do, as the average claim works out at £25,000, according to AXA.

A lot of insurers may include cover for your drive, fencing and garage as a part of a standard policy, so be sure to check carefully as that is not always the case. 

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What isn’t covered by buildings insurance?

General wear and tear isn’t covered by your insurance and you should check each policy carefully as each insurer will have their own list of exclusions. A lot of insurers won’t cover you for damage caused by leaking gutters, insects and other pests. You may also find that your gate and fences can be excluded from the storm cover. So make sure you check the policy and prepare to pay a little extra to get all the cover you need.

Is there anything that could cause problems?

You should check the policy carefully to see how long your property can be left vacant at any one time. Some policies may not cover you if the house is vacant for a certain length of time and you don’t want to discover that when you make a claim. It’s better to know the fine print of your policy in advance and take extra cover if your home is going to be unoccupied for a while.

Buildings insurance can be very useful if you own your own home and it’s a condition of some mortgage offers. Make sure you have done a thorough comparison of the best policies on the market and that you have the best cover, not just the best price.

We can help you find the right policy for you – just start a quote now.

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