What Is Buildings Insurance?

When you own a building for letting purposes, you might want to consider insurance that will cover subsidence and structural damage to the property. Landlord buildings insurance will pay for a total rebuild of your property in the event of flooding or fire.

Is it worth paying for?

Like any kind of insurance, paying it every month is a cost that seems endless, until something happens, then you'll be glad you have it. You could pay your premiums for years and never claim, but that's just the way insurance works.

Is my contents covered with buildings insurance?

No, you need another policy to cover the value of the contents within the building; your building insurance will not cover contents of any value. You will need to pay another premium as well as your buildings cover.

How much will the insurers pay?

The insurance company will pay for the value of the property, therefore it is import you tell them the full value from the start of your policy. If you don't, you'll find that you have a rather nasty shock because you'll need to pay for it yourself.

If your property is valued at £200,000, tell your insurance advisor this when they're on the phone to you. This will cover the whole amount and you'll be in safe hands from the on.

What will the insurance company pay for?

• They will replace the hot water boilers, radiators and copper pipes as well as drying out the property if your flooded out.
• If your front door is damages, they will pay for this too.
• Damage to flooring and walls, if flooding hits.
• While the property is being fixed and becomes uninhabitable, your tenant will get alternative accommodation.

What's the best way to get a policy?

In today's world, there are loads of insurance companies willing to take your money, you need to find one that looks after you as a landlord and places the money bit last.

Can I do without it?

If you're the kind of person that works on ethics, you will need this cover even if you have no mortgage on the property, it's better to have it, than not to have it.