Buildings insurance covers the cost of repairing damage to the structure of your property. This includes the walls, windows and roof as well as permanent fixtures and fittings such as baths, toilets and fitted kitchens.
Generally buildings insurance covers the cost of loss or damage caused by:
Fire, smoke, explosions
Flood, storms, natural disasters
Fallen trees, lamp posts, aerials or satellite dishes
Vandalism or malicious damage
Vehicle or aircraft collisions
Depending on the type of policy you choose, you may also be covered for structures around your home like garages, outside walls and driveways.
You won’t need buildings insurance if you’re renting a property as it will be up to your landlord to ensure they have a policy. If you are a tenant and would like to insure your belongings you may want to consider taking out a contents insurance policy.
Usually, if you own a leasehold flat, the building should be insured by your landlord who owns the freehold. Sometimes leaseholders in the same building group together to buy a share of the freehold. While this gives more control over the property it also mean that they may have to arrange buildings cover as well. This can be done individually or a cheaper option could be to take out a ‘block policy’ which covers them all.
Exclusions from buildings insurance policies can vary depending on your provider and level of cover. Common exclusions on buildings insurance policies include: General wear and tear Damage caused by neglecting your property
Storm damage to gates, fences and plants
Frost damage to outside pipes and brickwork
Damage caused by insects, birds or other pests
Most insurers will cover your home on the condition that it will not be left unattended for more than 30 consecutive days. If your home will be left unoccupied for an extended period of time, be sure to let your home insurance provider know as there may be some restrictions to your cover.
At Advantage we’re always helping our clients find suitable cover, speak to an expert today.
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Whilst we have arranged finance for people in all situations, we have areas we think we excel in. If you are a contractor, self-employed, a first time buyer, an older borrower or have had credit issues, you should really call us.
The information contained in this website is subject to UK regulatory regime and is therefore intended for consumers based in the UK.
Our typical fee is £450 and only paid when your offer is produced. This means that if we’re unsuccessful in getting you the mortgage you won’t pay a fee, giving you the confidence you need from a broker.
Advantage Financial Solutions is a trading style of TRM Financial Ltd, an Appointed Representative of The Right Mortgage Ltd, which is authorised and regulated by the Financial Conduct Authority. Registered Office: 70 St. Johns Close, Knowle, Solihull, England, B93 0NH. Registered in England and Wales no. 09832887.