What is Buildings insurance?
There are two types of home insurance: Buildings Insurance and Contents Insurance
When buying a home, Buildings Insurance will protect you from the costs involved with repairing the property should the structure become damaged or even destroyed. It is also a mandatory requirement by lenders when you own a home.
When would I need Buildings Insurance?
Buildings Insurance will cover your home against the likes of fire, theft & vandalism, flooding, subsidence and, especially in the UK, unexpected events such as falling trees, storms and bad weather. All of this will be covered up to a specified limit.
What about Contents?
If you were to pick your house up and shake it upside down, what remains in your hands is the buildings cover. The contents are what have fallen out. We all value our possessions and so adding Contents cover can ensure that if they are damaged or stolen, they can be repaired or replaced.
Things to consider?
Always check the terms, conditions and exclusions on Buildings and Contents Insurance policies. This can vary between providers. For example, general wear and tear, any amount over a specific limit and how long you may leave the property unattended.
Always look at excesses on policies too, after all these are what you pay when things go wrong!
For these reasons, it is important to speak to an advisor about your property. Willow Brook Mortgages have a panel of insurers that are very competitive and whose policies will protect your home in the right way.