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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, flood or subsidence (although you will need to check your policy 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. 

Your mortgage lender may offer you buildings insurance when you take out your mortgage, but you don't have to take what's on offer from them. We are able to provide you with comparative quotes to get the best deal available.  

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 not necassarily its value. 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, we can help you to get the most cost efficient policy. 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 (but are not limited to):

  • Accidental Damage Cover
  • Building Cover
  • No Claims Discount
  • Legal Liability
  • Loss of Metered Water
  • Loss of rent or costs for alternative accommodation

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A&J Financial Enterprises Ltd is an appointed representative of Intrinsic Financial Planning Limited and Intrinsic Mortgage Planning Limited, which are authorised and regulated by the Financial Conduct Authority. Intrinsic Financial Services Limited is entered on the FCA register (www.fca.org.uk/register) under reference 440703 and 440718.

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

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