What is Buildings Insurance?
Buildings cover is a type of insurance designed to cover the cost of having to rebuild your home, should it be damaged or destroyed. Typically, this form of insurance is compulsory if you are purchasing your home with a mortgage. The lender will insist upon the insurance being in place prior to contracts being exchanged.
Buildings Insurance will cover the cost of damage to the structure of your property. Outbuildings, sheds, garages and even fences are also covered. Other structural elements such as cables, pipes and drains are also covered.
Buildings insurance would typically cover damage or loss caused by:
- explosion, fire, floods, earthquakes and storms
- vandalism, theft and attempted theft
- frozen pipes and burst pipes
- fallen lampposts, trees, aerials or satellite dishes
- subsidence or vehicle collisions
Do you need Buildings Insurance?
As mentioned above, if you plan on purchasing a property with a mortgage, it is usually a condition of the lender that the insurance is in place prior to completion. The amount insured is usually enough to clear the mortgage should something happen.
Some lenders may reject your choice of insurer, if they are not happy certain conditions are met.
Why choose MAIN for Buildings Cover?
We have access to exclusive rates and offers with certain underwriters, helping you to save time and money. Because of our established relationships with the lenders, we know what insurer each lender will accept. It is part of our service when applying for a mortgage through MAIN, to arrange a Buildings & Contents Insurance quotation.
If you are looking for a quotation for Buildings cover, we invite you in for a FREE protection review, to see how we can save you money and improve on the current terms you have in place.