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With building insurance being a requirement of virtually all mortgage agreements,
most homeowners in the UK will have such insurance in place on their homes.
If you are currently looking to buy a house then you will almost certainly
need to arrange building insurance in order to be accepted for your mortgage,
some mortgage lenders do offer their own policies, however you can often
find a better deal from a third party. There are many places from which
to get your building insurance, and taking some time to look around at what
is available can lead to you getting the best possible deal.
Buildings Insurance:
Building insurance will generally cover your home to the value of re-building,
rather than the market value, this is because it is generally far cheaper
to re-build than the house is worth on the open market. Whereas contents
insurance covers the items within your home, building insurance covers damage
to the actual physical structure of the building. Your home is likely to
be the biggest single asset that you will own in your lifetime, and protecting
this asset against possible loss makes a lot of sense.
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