Buildings insurance is designed to cover damage to
the structure of your home as well as damage to permanent
fixtures and fittings. Contents insurance is designed
to cover damage to your possessions within the home.
The main risks covered are:
- Fire
- Theft
- Storm and Flood
- Subsidence
In recent years, this type of insurance has been brought
in to sharp focus because of serious flooding up and
down the country. Many unfortunate homeowners that
did not have home insurance have had to fund all repairs
themselves.
If you have a mortgage then your lender
will insist on this insurance as a condition in the
offer. Lenders will usually use the rebuilding cost
shown in the valuation report to assess how much buildings
insurance is needed, and require that any policy taken
out covers at least this amount. |
