Buildings Insurance

If you have a mortgage, your lender will insist that your property (and their security) is protected by buildings insurance.

It usually pays out if your property is destroyed by fire, floods or subsidence (although you will need to check if you live on a flood plain, for example). Damage to fixed fittings such as baths and kitchens are often included, as well as sheds, greenhouses and garages.

You might be offered buildings insurance when you take out your mortgage, but you don’t have to take what’s on offer. Use the key policy information to shop around and get the best deal for you.

If you purchase a leasehold property (such as a flat in a block of flats) the freeholder may have arranged buildings insurance for the whole block, in which case you may not need your own buildings policy.

What isn’t covered?

Your cover is based on what your home would cost to rebuild. You can check whether you have enough buildings insurance through the Building Cost Information Service (BCIS) website. It has an online tool to help you calculate the sum you should insure your building(s) for, in case your home has to be entirely rebuilt.

You need to tell your insurer if you extend your property, for example with a loft conversion or conservatory. Your belongings are not covered – these need to be covered separately with contents insurance – see Contents insurance.

Keeping costs down

As always, shop around. You may also find that you get a better deal if you buy buildings and contents insurance together. Most policies have a standard excess charge which means you agree to pay the first part of any claim, for example the first £50 or £100. If you agree to pay a higher excess you might get a cheaper policy. Always compare what’s covered by a policy, not just the price – the key policy information will help you do this. Some might be cheaper than others, but they may not offer the same level of protection.

Benefits Include:

  • Accidental Damage Cover
  • Building Cover
  • No Claims Discount
  • Legal Liability
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Mortgages

Buying a property can be the biggest decision made in our lives. It is for this very reason that impartial advice is critical from qualified advisers.

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Protection

There are many types of Protection Policies to choose from. Finding the one that provides adequate cover and the right protection is not as easy as you may think.

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Insurance

We can search through a range of policies to find the one that suits you best from our extensive list of insurers. So this year leave the shopping to us.

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Contact

Over the years we have gained an excellent reputation for our customer service, and pride ourselves on the long term relationships that we enjoy with our customers.

- YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

- Registered in England and Wales

- Village Financial Services Limited is an appointed representative of PRIMIS Mortgage Network, a trading name of First Complete Limited. First Complete Limited is authorised and regulated by the Financial Conduct Authority.

- The guidance and/or information contained within the website is subject to UK regulatory regime and is therefore targeted at consumers based in the UK.

- Registered office address - 92 School Road, Tilehurst, Berkshire, RG31 5AU
- Registration number - 04562304

- Our standard fee is £249. In a small number of cases we reserve the right to charge an additional fee of up to £551 where more work is required or where remuneration from the lender below our minimum threshold. This site is only directed at persons within the UK. Calls may be recorded for training and monitoring.

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR Tel: 0800 023 4567 or 0300 123 9 123

www.financial-ombudsman.org.uk


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