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In order to have confidence in and rely upon your building insurance compare the features it offers so that you know exactly what is covered – and, just as crucially, what is excluded from any particular policy.
Policies may vary enormously, so it is important to establish just what you need and how different policies might satisfy those needs as closely as possible. This may prove more difficult than it sounds, so you might want to consult a specialist provider, such as ourselves here at UKinsuranceNET.
Why do you need building insurance?
Any property you own is likely to have cost a significant amount of money, so you want to safeguard the investment it represents. It is an investment vulnerable to a number of threats and perils, many of which might have the effect of completely destroying the property. Building insurance is your indemnity against such loss or damage.
Typically, the insurance covers risks such as:
fire, explosions and smoke damage;
damage caused by natural events such as storms and flooding (unless your property is lies an area known to be vulnerable to floods, in which case, special conditions or exclusions may apply);
subsidence – although not all building insurance policies include this risk;
impacts – for example, from overhanging trees, aircraft, and vehicles;
escape of water or oil from supply pipes and appliances; and
What you need to know when buying cover
Anticipate the worst case scenario in which your building is totally destroyed. The total sum insured needs to be sufficient to clear the site, start from scratch and rebuild the property from the ground up.
Some policies have a fixed upper limit on total loss claims and if you are confident rebuilding costs fall within any such limit you may avoid the alternative of calculating the current cost of rebuilding.
In either event, keep in mind that rebuilding costs are not the price you paid for the property, or even its current market value, but the actual costs of reconstruction. These change over time, of course, and you might want to consult an index – published by the Royal Institute of Chartered Surveyors (RICS) – which charts these changes.
Alternatively, some insurers offer to index link the total building sum ensure, to help make certain that you do not fall into the trap of being underinsured and not having sufficient cover for reconstruction if the need arises.
As the property owner, you also have certain duties of care towards neighbours, visitors and other members of the public who may be injured or suffer damage to their property in connection with your building. Public liability cover – of at least £1 million – is typically included in building insurance to indemnify you against such claims.
Policies typically make provision for your need for alternative accommodation if the building become uninhabitable or unusable following a major insured event. Compensation is often limited either to a maximum sum or as a percentage of the total sum insured.
Why choose us?
At UKinsuranceNET, we have wide experience and expertise in arranging building insurance for a wide range of clients owning both residential and commercial property.
We recognise the particular, distinctive and individual needs of each property owner in identifying the appropriate form of cover at a competitive price.