Buildings Insurance

Why you need buildings insurance?

In essence it is common sense to insure what is probably your largest asset. In the event of damage to your property, for example by a fire, having no insurance means the entire cost of rebuilding must be met from your personal finances.

For those with loans against their properties, it is often a condition of the bank that building insurance is effected and that the bank itself is named as an interested party. Please note that it is not compulsory for you to have your insurance with the bank or lender – often their premiums are in excess of those available from insurance companies via your broker.

What is buildings Insurance?

Buildings cover insures your property for the cost of rebuilding or repairs if it is damaged or destroyed.

Buildings insurance covers the cost of damage to the structure of your property – it usually includes such items as:

  • Roof
  • Walls
  • Ceilings
  • Floors
  • Doors
  • Windows
  • Outdoor structures such as garages and fences are also included
  • Permanent fixtures and fittings
  • Interior decoration that is fixed to the structure
  • Underground tanks, pipes, cables, and drains

It is also worth noting that in calculating the sum insured required, that your buildings insurance should also cover the cost of rebuilding, demolition, site clearance, architects fees and temporary accommodation.

What does it cover against?

Your buildings insurance will normally cover against risks such as:

  • fire
  • lightning, storms and flooding
  • theft or attempted theft
  • malicious damage or vandalism
  • freezing or bursting of any part of the plumbing system
  • burst geysers
  • falling trees, lampposts, aerials or satellite dishes
  • subsidence and landslip
  • impact by vehicles or aircraft

What you building insurance might not cover?

  • Exclusions within the policy
  • Any excess payable
  • Normal wear and tear
  • Where reasonable steps were not taken to take care of the property
  • Some policies may contain subsidence or flood exclusions
  • Where there is a limit against one specific item

Incompass would be delighted to discuss your insurance needs and provide you with a free quotation based on your specific circumstances.

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