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Understanding Home Buildings Insurance

May 28, 2008
Protecting your home against fire, floods and theft these days is a really good idea. That is why there are a number of different home buildings insurance packages designed to help you.

You never know what will happen in life and your home is your most important asset. If anything were to happen, would you have the money to do repairs or possibly replace things? If not then getting the right insurance would be extremely beneficial. Even if you do not own your own home, you could still benefit from building insurance.

What is Home Buildings Insurance?

Home buildings insurance is designed to protect the fixed parts of a home. These include:

* The roof and flooring

* Walls

* Fixed sinks, baths and basins

* Fitted Kitchens and Bathrooms

* Garden Sheds and Greenhouses

The above are the things that are mainly covered by buildings insurance. However there are other things which might be covered; every insurance policy is different.

Now obviously if you are a tenant and you are renting furnished accommodation then you will not need buildings insurance. You would be better off looking into home contents insurance instead. However, if you are a homeowner or a tenant renting an unfurnished property then buildings insurance may be able to help you. Generally however, buildings insurance is designed with the homeowner in mind.

One thing to remember about home buildings insurance is that accidental damage may not be covered. So if you plan to do a little DIY and something goes wrong, it may not be covered by your insurance policy as it will be deemed your own fault. There are always loopholes with insurance policies and you need to be aware of these before you sign up. The small print usually tells you things that are excluded from the policy that you wouldn't otherwise know about. As most people skip the small print, they often end up with a policy that just isn't right for them. That is why it is so important to read the small print to understand exactly what it is that you are getting.

There will always be things that are not covered in your home insurance policy. With buildings insurance usually damage caused by storms and aircraft are not included. The amount that they cover you for is usually the amount that it would cost to rebuild the home if it were to be completely demolished. It is known as the "sum insured" and you should have a good idea of how much the home is worth before you take out a specific policy. It would be a good idea to hire a chartered surveyor to estimate how much it would cost to rebuild your home if something were to happen.

Overall whilst there are a lot of loopholes with home insurance, it is still worth taking out a policy. By taking the time to understand the different policies available, you will then be able to make a better informed decision regarding whether home buildings insurance would be right for you.
About the Author
David Thomson is Chief Executive of BestDealInsurance an independent specialist broker dedicated to providing their clients with the best insurance deal on their home insurance, car and life insurance.
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