Building insurance differs from home insurance because it will only cover the physical building, and not the contents. When insuring one's home, you would sometimes need two policies: one for the building itself and another for its contents. This type of insurance covers the structure of your home: the walls, the windows, the roof, etc.; as well as permanent fixtures and fittings such as baths, toilets and fitted kitchens.
It also generally covers damage caused by fire, lightning, explosions or earthquakes, theft or attempted theft, riots or vandalism, storms or flooding, subsidence, falling trees, moving objects such as a car hitting your home and escaping or leaking water or oil. Should you have a mortgage, the financial institution will insist on you having buildings insurance. Should you be a tenant, it is your landlord's responsibility to have the dwelling insured. Should you own a property, remember that buildings protection is not compulsory, but it is very unwise not to have it in place.
Finding building insurance coverage or policies may be more difficult in some areas than in others. This is because characteristics of the area the structure is in will directly affect the premium and policy. You will, for instance, struggle to find a cheap policy if you live in an area repeatedly affected by flooding. However, if there are plans to improve flood defenses in the area, it should be easier to obtain a policy. Accidental damage cover in a policy like this protects your property against damage you cause to it or its fixtures and fittings.
Building insurance usually also covers your legal liability as owner of the property, such as liability for damage caused to someone else's property, as well as damage to underground cables that supply gas or electricity, or pipes that supply oil, water or sewage.
Should any of the above happen to your house or property, you will need to make a claim. But before making a claim, keep in mind that your insurer will likely increase your premium with renewal after the claim, so try to include a premium hike into your calculations along with things like repair costs and your excess. You may also lose your discount or "payback-bonus" once you have claimed. Also keep this in mind.
The same goes for areas more prone to crime, fire, lightning and numerous other types of natural disasters. Insurance is a form of risk management: the greater the risk of the property being in harm's way, the higher your monthly premium on your policy is going to be. Always remember the factors that will contribute to your policy and the rate of your premium. The location of your home and the value of the buildings will ultimately determine your insurance policy premium. Building insurance is something that is mandatory for any property owner. Your property is probably your biggest asset, and not having it insured is playing with fire. The process of finding an affordable insurance policy might be difficult, but it is definitely possible. You just need to be patient and know here and how to look.
Below are my recommended pages for Building Insurance quotes......
Trusted insurance quotes
Liberty Building Insurance
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