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Building Insurance

Buildings insurance cover is of most importance, if your house burnt down would you have the money to cover this loss?

Mortgage providers insist that you have building insurance so that in the event of a disaster it can be repaired or rebuilt, as mortgage lenders will not want to be left without security for their loan.

A policy should cover funds to rebuild your home in the event of it being totally destroyed or damaged to the point that complete rebuilding is necessary. Some policies only cover market value, so be sure to check. The policy could also cover against damage caused by events beyond your control including:

•      Flood damage and storm
•      Burst pipes and other incidents of water leakage
•      Smoke, fire and explosions
•      Third party damage or vandalism
•      Subsidence

This policy could also provide you with alternative accommodation if your home is uninhabitable. Do not simply opt for the cheapest building insurance quote available and think about your needs.
As well as the structure of the property, buildings insurance also covers permanent fixtures and fittings including fitted kitchens, baths, toilets, bedroom cupboards and interior decorations.

The test is whether or not the fixture can be removed and taken to a new home, for example fitted cabinets. Policies will usually cover outbuildings such as garden sheds, garages and greenhouses, but might not cover fences, gates, paths, drives, boundry walls and swimming pools.  

IMPORTANT NOTE: Your home may be repossessed if you do not keep up repayments on your mortgage.

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Premier Choice Mortgages is a trading style of The ER Network Ltd which is an appointed representative of Intrinsic Financial Planning Limited and Intrinsic Mortgages Planning Limited which are authorised and regulated by the Financial Conduct Authority. The ER Network Ltd are a limited company registered in Scotland. Company Registration number: SC292243. Registered Office: Suite 4.2 Station House 34 St. Enoch Square, Glasgow, G1 4DF.

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