Why Buildings Insurance is Important
Find out why Buildings Insurance is important.
Why bother with Buildings Insurance?The UK has around 24 million homes. From city flats and suburban semis to estates and country cottages, they're where we feel most ourselves. They're where our families grow up and life’s most important moments happen. Because our homes are so central to our lives, we’re sometimes a bit guilty of taking them for granted. And that includes not making sure that they’re properly protected against the unexpected.
Despite the fact that most mortgage lenders insist on Buildings Insurance, figures from UK industry body the Association of British Insurers (the ABI) suggest that over 9 million homes have no Buildings Insurance cover. That can be really bad news when things go wrong … which happens every day in all sorts of unexpected and surprising ways.
What should it cover?
A good quality policy will protect your home from a whole host of events. Naturally it should cover things like fire, storm and floods, but it also needs to include everyday hazards. A Buildings policy will also cover outbuildings, fixtures and fittings, as well as your home itself.
With our Buildings Insurance we cover damage from causes such as water escapes, damage from smoke, explosions, lightning, earthquakes, vandalism, theft, subsidence, oil leaks, landslip and heave. We also include cover for accidental damage to underground pipes and cables, as well as alternative accommodation costs if you have to move into temporary accommodation because of an insured event.
One of Britain’s biggest causes of Home Insurance claims is storm damage - things like missing roof tiles, broken windows and lost guttering made up a quarter of all claims in 2015. Repairs can be very expensive, costing hundreds of pounds or more - this kind of damage needs to be put right quickly, to ensure your home isn’t damaged further and stays in good repair.
Help in an emergency
Its times like these when a good Buildings Insurance policy really comes into its own. That’s why our Gold and Silver Home Insurance includes up to £1000 Home Emergency Cover as standard - helping with call out fees, labour and parts and materials for immediate repairs to stabilise and remove the emergency. This could simply mean boarding up a window after a break-in, repairing damage from a fallen tree or even getting a broken down central heating system working again.
For central heating specifically we only cover breakdowns in the winter months (between September and April), providing your boiler is less than eight years old.
According to the ABI, In the early months of 2018, a staggering 290% increase on storm, flood and burst pipe claims was reported, with Insurers handling around 86,000 claims, costing around £390 million for both homeowners and businesses.