Home Buildings Cover
Home buildings insurance will cover the cost of incidents to the internal and external structure of your property. This includes the walls, roof, ceilings, doors, floors and windows. (External structures such as fenses and garages are also included.) It also covers permanent fixtures and fittings, internal decoration and pipes, tanks, drains and underground cables for which you are responsible from your house to the nearest mains supply.
If you are the owner with a mortgage, the mortage will have a condition that your house is insured. Your mortgage lender will make sure that the amount of buildings insurance you have is sufficient to meet the outstanding amount of your mortgage. This will be determined by your mortgage provider’s survey when buying the property.
If you buy or sell a house, responsibility for the buildings insurance passes to the new owner when the contracts are exchanged. It is therefore very important that, if you are buying a house, you insure the property from the day the contracts are exchanged. This is because if the house is damaged or destroyed, you will be expected to cover the loss. If you are selling your house, you have a legal responsibility to look after the property until the sale is completed, and you should therefore keep on your buildings insurance until then.
In the unfortunate event that your mortgage lender repossesses your home, you are still responsible for the buildings insurance until it is sold. You may find that your insurance policy will no longer cover you if you are not living in the property. You should explain the circumstances to your insurer so that they can change the terms of your policy. However they may want assurances that someone, for example a neighbour, is watching over the property while it is empty.
As stated previously, your buildings insurance needs to cover the cost of rebuilding the property. It should include costs such as architect’s fees, demolition and clearing the site. Make sure any features such as a a conservatory or custom fitted kitchen are accounted for. The Association of British Insurers (ABI) produces yearly guidelines on rebuilding costs. You can find this at www.abi.org.uk.
Always keep copies of any repairs made, and keep the actual plans of the property safe. When changes to the fabrication or structure are made, always make sure that Local Authority permission has been granted. Your home buildings insurance may be invalidated if this cannot be produced. Always be sure to have plans available if requested.
The following factors are usually covered by Budilings Insurance:
- Impact by vehicles or aircraft
- Bad weather, including Flooding, storms and lightning
- Aerials, falling trees, lampposts or external satellite equipment.
- Bursting or freezing of the plumbing system
- Malicious damage or vandalism
- Theft or attempted theft
Finding home buildings insurance that will adequately cover you can be complicated. We, at Trident Business Insurance will make it easier for you and find you the best quote so you don’t need to worry.