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:
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.