Buildings Insurance

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    If you have a mortgage, your lender will insist that your property (and their security) is protected by buildings insurance. It usually pays out if your property is destroyed by fire, floods or subsidence (although you will need to check if you live on a flood plain, for example). Damage to fixed fittings such as baths and kitchens are often included, as well as sheds, greenhouses and garages.

    You might be offered buildings insurance when you take out your mortgage, but you don't have to take what's on offer. Use the key policy information to shop around and get the best deal for you.

    If you purchase a leasehold property (such as a flat in a block of flats) the freeholder may have arranged buildings insurance for the whole block, in which case you may not need your own buildings policy.


    What isn't covered?

    Your cover is based on what your home would cost to rebuild. You can check whether you have enough buildings insurance through the Building Cost Information Service (BCIS) website. It has an online tool to help you calculate the sum you should insure your building(s) for, in case your home has to be entirely rebuilt.

    You need to tell your insurer if you extend your property, for example with a loft conversion or conservatory. Your belongings are not covered – these need to be covered separately with contents insurance – see Contents insurance.

    Keeping costs down

    As always, shop around. You may also find that you get a better deal if you buy buildings and contents insurance together. Most policies have a standard excess charge which means you agree to pay the first part of any claim, for example the first £50 or £100. If you agree to pay a higher excess you might get a cheaper policy. Always compare what's covered by a policy, not just the price – the key policy information will help you do this. Some might be cheaper than others, but they may not offer the same level of protection.

     

    Benefits Include:

    • Accidental Damage Cover
    • Building Cover
    • No Claims Discount
    • Legal Liability
    • Metered Water
    • Loss of rent or costs for alternative accommodation

     

    We can only offer products from a single insurer for general insurance. L&G's General Insurance product portfolio has been specifically designed to give our clients more flexibility and choice. This is complemented with a dedicated team of experts who are committed to helping you do business as easily as possible.

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    YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

    G&E (Network) Ltd. registered in England & Wales No. 3133675. Registered office address: 22 Moulsham Chase, Chelmsford, CM2 0TB

    Elite Financial Services is a trading style of G&E (Network) Ltd who are an appointed representative of Quilter Financial Planning Limited, which is authorised and regulated by the Financial Conduct Authority. Quilter Financial Planning Limited are entered on the FCA register (http://www.fca.org.uk/register/) under reference 440718.

     

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