What Is Building Insurance?
Building insurance is a policy that helps cover the cost of repairing or rebuilding your property if it’s damaged by unexpected events. For homeowners with a mortgage, having home insurance, which includes building insurance, is typically a requirement.
What’s Covered?
Structural Components: Walls, roofs, floors, and fixed features such as kitchens and bathrooms.
External Components: Garages, sheds, fences, and driveways.
Rebuilding Costs: Covers the full expense of rebuilding your property.
Buildings and Contents Insurance: Comprehensive Coverage in One Policy
By combining building insurance with contents insurance, homeowners and landlords receive complete protection. Building insurance covers the structure of the property, while contents insurance protects your personal belongings.
Why Opt for Combined Coverage?
There are several options available to suit different needs. Here are the most common types:
Convenience
Consolidate your property and possessions under a single policy.
Cost Savings
Combining policies can often lower your total premiums.
Complete Peace of Mind
Protects against structural damage as well as accidental spills on furniture or stolen electronics.
What Does Contents Insurance Cover?
- Personal Possessions: Electronics, furniture, jewellery, and other valuables.
- Accidental Damage Cover: Optional protection for mishaps like spills or breakages.
- Escape of Water: Protects against damage caused by leaks or burst pipes.
Unoccupied Property Insurance: Safeguarding Vacant Buildings
Vacant properties come with specific risks, and standard home insurance may not cover a property left empty for 30 days or longer. Whether you’re renovating, between tenants, or away for an extended period, unoccupied building insurance offers specialised protection.
Who Requires Unoccupied Property Insurance?
• Landlords: Protection for rental properties between tenants.
• Homeowners: Coverage for homes left vacant during sales or renovations.
• Holiday Homeowners: Safeguard for second homes that are unoccupied for extended periods.
What Is Covered?
- Structural Damage: Protection against fire, floods, and storms.
- Vandalism and Theft: Coverage for break-ins and property damage.
- Flexibility: Options for short-term or long-term policies to suit your needs.
Why Is It Necessary?
Vacant properties are at higher risk of damage from wear and tear, burst pipes, or theft. Unoccupied home insurance provides protection for your property until it becomes occupied again.
Essential Features of Building Insurance
When selecting a policy, keep these key features in mind:
• Level of Cover: Make sure the policy covers the full cost of rebuilding your property.
• Accidental Damage Protection: Consider adding this for additional peace of mind.
• Customisation Options: Include coverage for outbuildings, home offices, or high-value items like jewellery.
• Claim Support: Choose insurers with a simple and efficient claims process to reduce stress.
Guidelines for Selecting the Right Insurance Policy
Evaluate Your Requirements:
Determine if you need separate building insurance, combined buildings and contents cover, or insurance for an unoccupied property.
Compare Options:
Utilize comparison tools to assess coverage, features, and prices across various policies.
Review the Fine Print:
Carefully go through the terms and conditions, paying special attention to exclusions such as wear and tear or neglect.
Bundle Policies for Savings:
Look for discounts by bundling building and contents insurance together.
FAQs About Building Insurance
Is building insurance mandatory for homeowners?
If you have a mortgage, most lenders require building insurance as part of the loan agreement.
What’s the difference between building and contents insurance?
Building insurance covers the structure, while contents insurance protects personal belongings inside the property.
Do I need unoccupied home insurance cover for an empty property?
Yes, if your property is vacant for over 30 days, standard insurance may not cover it. Unoccupied building insurance provides tailored protection.
Can I combine buildings and contents insurance?
Yes, many insurers offer combined policies for convenience and cost savings.
What if I rent out my property?
Specialist landlord policies often combine building insurance with additional protections, such as liability cover.
Why Choose Compare the Mortgage?
At Compare the Mortgage, we recognise how vital it is to safeguard your property, whether it’s your home or an investment. Here’s how we can assist:
Expert Advice
Personalised advice to suit your property’s specific requirements.
Wide Insurer Network
Get access to competitive pricing and all-inclusive coverage options.
Clear Policies
Clear explanations of terms and conditions, ensuring you understand exactly what’s included in your coverage.
Flexible Solutions
Whether you need unoccupied home insurance or buildings and contents coverage, we’ve got the right solution for you.
Secure Your Property Today
Ensure your property is fully protected. Reach out to Compare the Mortgage today to discover customised building insurance, buildings and contents insurance, or unoccupied home insurance cover options. We’ll help you find the ideal policy for your requirements.