Why is buildings insurance important?

Award Winning home insurance provider Homenet give us the answer...

Moving home does not come without its stressful points and according to a Which? National Property Survey, seven out of ten respondents said selling their house was stressful, and 69% said the same about buying a house.1

Whether you’re selling up to buy a brand new home or you’re a first time buyer there will be an endless checklist of things to do.

From applying for your mortgage and arranging your solicitor, to telling the milkman your daily pint of semi-skimmed is no longer required! 
Exchanging contracts, the legally binding stage of the home buying process, is final. When this stage is complete you are officially the proud owner of your brand new home. You should ensure you have buildings insurance in place at this stage.

Your new home is now your responsibility and protecting it should be at the forefront of your mind.
Having buildings insurance covers the structure of your home, any external buildings like garages, as well as fixtures or fittings such as bathroom suites or fitted kitchens.

Even with a new build there could be snags that are not uncommon when buying an older home so it is equally important to insure your new home as it is an older one.  It's important that you get the value of your home right, over-valuing can increase the price of your policy, however if you were to under-value you may not be covered for the full amount if you ever need to make a claim.

In addition to the above protection, with a Homenet buildings insurance policy you are covered for damage resulting from the following examples;
  • Fire*
  • Storm*
  • Flood*
  • Escape of water from fixed pipes or tanks*
  • Theft or attempted theft*
  • Impact by vehicles, animals etc.*
  • Falling trees, telegraph poles or lamp-posts*
(*You should read your policy booklet for a full list of levels of cover.)

Once you have your buildings insurance in place you may also want to look at protecting your valuables inside your home. Homenet contents insurance can provide cover for possessions that you own in your home, for example: furniture, TV’s, laptops, tablets, clothes, jewellery, artwork and even appliances like washing machines. In addition to the above, protection from contents insurance may also cover you for;
  • Loss or damage to contents by fire, flood, storm, theft and other similar causes.*
  • Freezer food: loss or damage caused by a rise or fall in temperature in the unit caused by a mechanical fault.*
  • High risk items such as jewellery, watches or paintings can be covered.*
  • New for old contents cover: replacing your damaged or lost insured item with a brand new one. There are some exceptions, for example clothes. See the policy booklet for full details.*
(*You should read your policy booklet for a full list of levels of cover.)

It’s important to get the total value of your home contents as accurate as possible – this is the maximum amount the policy will pay out if the contents of your home are completely destroyed. Experts estimate that one in five households could be underinsured because they do not know the true value of their home contents.

To estimate the value of your contents, imagine your home with no roof, if you could pick it up and turn it upside down, every item that is not a standard fitting or fixture would fall out of your home.  All of these items would be the true value of your contents.

So remember to make sure you go through your house room by room when adding together the total value of your contents, and remember to include things you might not think about like curtains, carpets, wall light fittings, wall hangings, mirrors, bedding, as well as any collections you have like books, CD’s or DVD’s.
 
1.http://www.which.co.uk/news/2016/01/moving-house-more-stressful-than-having-a-child-427204/
 

Publish date: 09/09/2016