- Mortgage providers will usually insist that home owners have buildings insurance. If you are buying a home, the mortgage provider may advise you to go with a certain insurer. But sometimes, you can save money by shopping around to find the best deal, rather than simply taking out a policy that your mortgage broker recommends.
Compare Buildings Insurance with Money Pug
You will not have to get your buildings insurance through your mortgage provider unless it is a specific requirement of your mortgage contract. You will likely be offered buildings cover when arranging your mortgage – but you may get a better deal by shopping around. This is where Money Pug comes in. If you are looking for buildings insurance we can help you to compare all your options and find the best and cheapest deal for your needs.
What is Buildings Insurance?
Buildings insurance covers damage to the main structure of your home and its fixtures and fittings, but not the contents within it. Imagine that you could pick up your house and shake it. Everything that fell out would be covered by contents insurance, everything that remained would be included under buildings insurance cover. Some buildings insurance will also cover structures outwith the main building envelope, such as sheds and garages, but it is important to check, as not all buildings insurance will cover garden buildings or outbuildings.
How Do I Work Out How Much Buildings Insurance Cover to Get?
Your buildings insurance cover is worked out based on how much money it would cost to rebuild your home from scratch. It is important to remember that this rebuild value is not the same as the market value should you sell your home. This information can often be found on Home Reports or on other mortgage documentation from when you bought your home. Buildings insurance is compulsory for those with a mortgage.
Can I get buildings insurance if I don’t own the property?
No. Only the owner of a property can buy the buildings insurance. If you are a tenant and are concerned about adequate buildings insurance, you should check with the owner or landlord to check that appropriate cover is in place.
Do I Need Non-Standard Insurance Cover?
- If your home does not fit the norm, you may need non-standard insurance cover. Non-standard cover may be applicable to you if:
- Your exterior walls are made from non-standard building materials such as timber, plastic, corrugated iron, fibreglass, flint, glass, metal, cobb, straw bales or wattle and daub.
- Your roof is made of non-standard materials such as thatch, timber, glass, plastic, shingle, stramit or metal.
- Your home has been classified as a listed building.
- Your home has a history of subsidence.
- Your home has recently had its foundations reinforced.
- Your home has increased flood risk (lies within 400m of a watercourse or has a history of flooding
Building Insurance FAQs
- Buildings insurance covers damage to the main structure of your home and its fixtures and fittings, but not the contents within it. Imagine that you could pick up your house and shake it. Everything that fell out would be covered by contents insurance, everything that remained would be included under buildings insurance cover. Some buildings insurance will also cover structures outwith the ain building envelope, such as sheds and garages, but it is important to check, as not all buildings insurance will cover garden buildings or outbuildings
Contents insurance covers the contents of your home – everything that would fall out of your home if you could pick it up and shake it. Items covered under contents insurance include furniture, electrical equipment and personal belongings. Personal belongings can include everything from clothes and jewellery, to cameras and laptops. Make sure you do not double up on cover and exclude anything like mobile phones that may already be insured through a separate policy.
You will not need to take out buildings insurance if you are a tenant – this will usually be taken care of my your landlord or housing association. You should also not need to get buildings insurance if your house is leasehold as it is the landlord’s responsibility to insure the property in this instance.
If, however, you own your home, you should get buildings insurance. If you take out a mortgage to buy a home, building insurance will usually be a condition of your contract and you will have to make sure that you put buildings insurance in place. Some mortgage providers offer buildings insurance as part of their service but this tends to be more expensive, so it a good idea to compare deals on Money Pug to find the best options for you.
Unlike car insurance, contents insurance is not a legal requirement, so there is no imperative to get contents insurance. That said, making sure your home contents is covered can be a very good idea, whether you rent or own your own home. It is highly recommended for most tenants and home owners and could help you rest easier knowing your items and personal belongings are covered should you incur losses. None of us like to think about disaster – but could you afford to replace everything inside your home if the worst happened? Many people believe that you can’t afford not to have contents insurance. You may not think that you have a lot of things, but when you start adding it all up, you may find that you have more than you think.