The Importance of Building Insurance

Taking out insurance on your property is an obvious choice whether you’re a home owner or a landlord. Building insurance covers you if anything happens to your bricks and mortar as opposed to contents insurance, which only covers damage to your furniture or valuables. In fact, mortgage lenders often won’t approve a mortgage unless you have adequate building insurance.


Why is Building Insurance Important?

If your house burns down or there’s any structural damage, you’ll be covered by your building insurance. For landlords, it is important to have building insurance to ensure your building is fully covered in the event of damage. For example, if a tree smashes into your property during a storm, leaving it uninhabitable for several weeks, landlord insurance will only cover the cost of the loss in rental income, whereas building insurance will cover the cost of the repairs. If you rent, then it’s your landlord’s duty to take out building insurance.

What Does Building Insurance Cover?

Building insurance can be extended to cover the entirety of your property, including garages, swimming pools, perimeter walls and outbuildings. Generally speaking, you’ll be covered for:
• Natural events like storm damage and floods
• Fire and explosions
• Vandalism
• Subsidence
• Water damage from leaking pipes
• Car and lorry collisions
• Oil leakage from central heating systems
• Falling trees
Check your policy for the insurer’s exclusions.

What Won’t be Covered by Building Insurance?

You’ll need to check your policy, but building insurance generally doesn’t cover:
• Frost damage, unless it causes a pipe to burst
• Pest infestation
• Leaking gutters
• Storm damage to fences and gates
If the property is likely to be empty for a period of time, you’ll need to contact your insurer to arrange cover for that period.

Do I Have Enough Cover?

If you improve your building, you’ll need to increase the cover. If you are a landlord, arrange with your tenants for an insurance valuer to call and estimate the new insurance valuation. Make sure your building insurance is either index linked to cover the rising cost of building materials, or bedroom rated which is automatically set at a higher level.

Ask the Experts

At Prideview Properties we can secure excellent and competitive quotations for building insurance for landlords, plus walk you through all the terminology involved in taking out building insurance for your property. Contact us today to make sure you’re covered for all eventualities.

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