Posts Tagged Buildings
Understanding Home Buildings Insurance
Posted by in Uncategorized on January 25, 2010
Protecting your home against fire, floods and theft these days is a really good idea. That is why there are a number of different home buildings insurance packages designed to help you.
You never know what will happen in life and your home is your most important asset. If anything were to happen, would you have the money to do repairs or possibly replace things? If not then getting the right insurance would be extremely beneficial. Even if you do not own your own home, you could still benefit from building insurance.
What is Home Buildings Insurance?
Home buildings insurance is designed to protect the fixed parts of a home. These include:
The roof and flooring
Walls
Fixed sinks, baths and basins
Fitted Kitchens and Bathrooms
Garden Sheds and Greenhouses
The above are the things that are mainly covered by buildings insurance. However there are other things which might be covered; every insurance policy is different.
Now obviously if you are a tenant and you are renting furnished accommodation then you will not need buildings insurance. You would be better off looking into home contents insurance instead. However, if you are a homeowner or a tenant renting an unfurnished property then buildings insurance may be able to help you. Generally however, buildings insurance is designed with the homeowner in mind.
One thing to remember about home buildings insurance is that accidental damage may not be covered. So if you plan to do a little DIY and something goes wrong, it may not be covered by your insurance policy as it will be deemed your own fault. There are always loopholes with insurance policies and you need to be aware of these before you sign up. The small print usually tells you things that are excluded from the policy that you wouldn’t otherwise know about. As most people skip the small print, they often end up with a policy that just isn’t right for them. That is why it is so important to read the small print to understand exactly what it is that you are getting.
There will always be things that are not covered in your home insurance policy. With buildings insurance usually damage caused by storms and aircraft are not included. The amount that they cover you for is usually the amount that it would cost to rebuild the home if it were to be completely demolished. It is known as the “sum insured” and you should have a good idea of how much the home is worth before you take out a specific policy. It would be a good idea to hire a chartered surveyor to estimate how much it would cost to rebuild your home if something were to happen.
Overall whilst there are a lot of loopholes with home insurance, it is still worth taking out a policy. By taking the time to understand the different policies available, you will then be able to make a better informed decision regarding whether home buildings insurance would be right for you.
Related posts
Home Buildings
Posted by in Uncategorized on January 13, 2010
Home buildings & contents insurance is offered by numerous insurance companies and can be arranged through various outlets such as direct with the insurance company, on the internet or through an insurance broker. As the cost of providing such cover varies between insurance companies it is worth getting a number of insurance quotes.
BUILDINGS INSURANCE
Buildings insurance covers damage to your home including your patio. walls and drive caused by such things as fire, subsidence, theft, storm and flood.
In the event of you needing to move out of your home until the repairs are completed insurance cover is provided for hotel accommodation.
Damage due to burst pipes is covered within a home buildings & contents insurance policy.
Surveyors, architects and legal fees are insured following damage to your home.
Your garage and garden shed are covered.
Permanent fittings such as kitchen units, wardrobes in the bedrooms and bathroom fixtures are insured by your home buildings insurance policy.
CONTENTS INSURANCE
Contents insurance covers such things as theft of jewellery, paintings, tv, computer and other personal belongings in the home and outbuildings.
In the event of a fire or flood in the home your contents, such as your furniture and floor coverings, are insured should they be damaged usually on a new for old basis.
It is pleasing to note that your home contents insurance policy provides cover in the event of vandalism.
If you include accidental damage cover your contents are insured should you, for example, spill a tin of paint on your carpet or your furnishings.
Contents in the garden and the theft of monies from your home are covered by your home contents insurance policy.
If you include personal belongings insurance in your policy then, should you damage or have your camera stolen whilst it is away from your home, the policy will pay out.
The contents in your freezer are covered.
A home buildings & contents insurance policy has other options such as cover for pedal cycles and legal protection insurance for your family.
You must study the policy conditions for the home buildings & contents insurance policy as there are a number of exclusions, excesses and limits on the amount of cover provided for certain items.
Premiums are usually payable by direct debit either on a monthly or annual basis-if you pay monthly then a number of insurance companies who provide home buildings & contents insurance charge more than if you pay annually.
