Buildings insurance

• Repairing your home can be expensive and it costs an average of £265 a year for buildings only policies (Source: ABI Premium Tracker). Comparing the various policies on offer can save you some money.
• Insurers are adding more and more exclusions to their policies so you’ll need to read the small print carefully.
• You may have additional excess limits on your policy, for example up to £1,000 for subsistence claims, but this can still be cheaper than paying the whole lot.

Generally speaking, it covers the structural parts of your home that aren’t easily removed such as walls, roof, floors, ceilings and garages. Buildings insurance normally covers damage caused by:

• Flooding, fire and storms
• Structural damage caused by subsidence and fallen trees
• Water damage to your house caused by burst pipes
• Accidental damage, in case you put your foot through the attic ( sometimes an optional extra)

If your house has a rebuild value of over £500,000 – your home might be classed as ‘high value’. This usually happens with listed buildings as repairing any damage may require specific materials, which can increase costs. It’s worth talking with your insurer, as some brands offer high value home insurance as a specific policy.

Before you buy a house, most mortgage lenders will insist that you take out a policy to cover the building.

If you own your own home, you’ll need to have buildings cover just in case your home is damaged and needs a repair. It’s usually a condition of your mortgage and, if you’re a landlord, it’s your responsibility – not your tenants. Although it’s not compulsory, if you own your own home this sort of insurance should be a top priority.