Building insurance covers the structural parts of your home that aren’t easily removed such as walls, roof, floors, ceilings and garages. It may also have similarities, or overlap, with home insurance and contents insurance, both searchable on our site. In this article, you will find more information about building insurance.
- 1 Building insurance
- 1.1 What is a building and contents insurance?
- 1.2 What is a building insurance for landlords?
- 1.3 What is included in buildings insurance?
- 1.4 Do you need buildings insurance?
- 1.5 Do I need a building insurance for flats?
- 1.6 Is it compulsory to have building insurance?
- 1.7 Do you need buildings insurance on exchange of contracts?
- 1.8 Do you have to pay buildings insurance on a leasehold property?
- 2 Commercial buildings insurance
- 3 Cheap building insurance: Compare quotes and the market
- 4 Selected building insurance companies
- 5 References
What is a building and contents insurance?
While contents insurance covers the items that you own within the property, buildings insurance is for the actual house or structure of the building. It includes permanent fixtures such as the roof, walls, ceilings, floors, doors and windows, among other fixtures. Garages and gazebos may be covered, but depends on the insurance.
If there is a fire, flooding, storm, vandalism, water damage or other accidental damage, buildings insurance will cover it.
What is a building insurance for landlords?
For a landlord, the property is a valuable asset, and buildings insurance is important for protecting the structure. A bank or building society will often insist that buildings insurance is included as a condition of the mortgage.
What is included in buildings insurance?
Building insurance covers the structural parts of your home that aren’t easily removed such as walls, roof, floors, ceilings and garages. It normally covers flooding, fires, storms, structural damage from fallen debris, water damage and accidental damage.
Do you need buildings insurance?
When you buy a property, most mortgage lenders will insist on some type of policy to cover the building.
Do I need a building insurance for flats?
If you’re leasing a flat, the person who owns the freehold may already have coverage. If you own a share of the freehold with other people in the building, you may need to look into your own building insurance. If you’re a tenant, it is the landlord’s responsibility to obtain building insurance. However, you should still take out contents insurance.
Is it compulsory to have building insurance?
It is not compulsory to have buildings insurance, but banks or building society will often insist that buildings insurance is included as a condition of the mortgage. If you own a leasehold property, the buildings insurance may be a requirement on the lease.
Do you need buildings insurance on exchange of contracts?
Yes, it is important to have buildings insurance during the exchange of contracts. It is recommended to buy insurance cover starting at the day of the exchange. If you take buildings insurance out after, the start date should be the date of the exchange on the new home.
Do you have to pay buildings insurance on a leasehold property?
If you own a leasehold property, the buildings insurance may be a requirement on the lease.
Commercial buildings insurance
Commercial buildings insurance is for buildings in which business is operated out of, and covers the repair and rebuild of a property in case something happens to it.
Cheap building insurance: Compare quotes and the market
The easiest way to get cheap buildings insurance is to use one of the many online comparing services. We have listed some of the major players below:
Buildings insurance at Money Saving Expert
MoneySavingExpert.com is a guide that provides basic information about home and contents insurance, a comparison to find the cheapest policy, how to file claims and how to file a complaint against your provider. Depending on your situation, it’s good to evaluate what type of contents insurance is right for you.
Read more: Money Saving Expert
Where can I find a building insurance calculator?
There are multiple building insurance calculators located online, including one with Money Saving Expert located here.
Selected building insurance companies
Here is a list of some selected buildings insurance providers:
Buildings insurance at Nationwide
Nationwide is a British mutual financial institution and the largest building society in the world. It offers a combination building and contents insurance, among other options.
Read more: Nationwide