How Much Buildings Insurance Should I Have?
To keep the roof over your head, even after sustaining a disaster, buildings insurance is a necessity. When you own a home, as a landlord or as a resident, it is mandatory that you purchase at least a basic building insurance package. This type of coverage protects the structure, permanent fixtures and fittings within your home, ceilings and floors, walls, doors and windows, bathroom fixtures, and sometimes surrounding sheds, garages, swimming pools, and fences.
Under building insurance, you will be protected against disasters such as fire, lightning, storm damage, falling trees, explosions, plumbing damage, earthquakes, subsidence, vehicular accidents, or vandalism and burglary. When such disasters occur, the household insurance provider will pay for your home to be repaired, rebuilt, or replaced, depending on the level of damage suffered.
To get the most accurate amount of coverage, you should consult an agency such as the Royal Institution of Chartered Surveyors for a professional estimate of the sum insured. Chartered surveyors can more easily perform these calculations after surveying your home and property. The sum insured is based not on the market value of your home, but on the actual cost of rebuilding your home from the ground up.
For unique or historic homes, extra coverage might be needed to rebuild that style of home, so purchase a home insurance policy that matches your needs. To obtain a better estimate of your home’s rebuild cost, visit the Association of British Insurers’ website for more information.
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