What is building insurance?
Buildings insurance is protection for the structure of your property, including fixtures and fittings, against unexpected and unavoidable events that may cause damage.
Building insurance is one of the two types of home insurance in which you may need to invest for your property – the other being contents insurance.
While, as the name suggests, contents insurance protects the actual items in your home such as your furniture, TVs and other personal belongings, buildings insurance is for the building itself, including permanent fixtures and fittings such as the kitchen and bathroom.
While buildings insurance may be purchased as part of a wider home insurance policy that also includes contents cover, you may also buy it separately if you wish.
Having the right building insurance policy in place will protect you in the event of damage to your property’s structure, such as its walls, roof and floors, while fixtures and fittings are also likely to be included.
You can expect a good standard building insurance policy to cover the full cost of repairing or rebuilding the structure of your home if it is hit by fire, storm damage, falling trees, an earthquake, explosion (such as that caused by a gas leak) or even a vehicle collision, to name just some of the possibilities.
The question “What is building insurance?” is likely to be different for different insurers, so you should compare policies carefully, including the exact types of events for which the policy will cover you.
Mortgage lenders usually require you to take out a buildings insurance policy to protect their investment.