Buildings Insurance
You’ve found the perfect home, now let’s keep it protected so that your investment stays safe.
What is buildings insurance?
Buildings Insurance covers the cost of rebuilding or repairing your property should it be catastrophically damaged. For example, if a fire or flood damages the building it will cover the cost of repairing its structure (such as the roof, walls and windows as well as any permanent fixtures and fittings like your kitchen).
Do I need buildings insurance?
The majority of mortgage lenders require you to have buildings insurance in place in time for exchange. Once you exchange, you are financially responsible for the property, even though you aren’t living in it yet. Remember this doesn’t mean you have to use the insurance services provided by your mortgage lender. We can help you find the best deal for you and the property you’re buying.
How we can help
At Downton Mortgages & Financial Services, we take the time to understand your unique circumstances, research the insurance market and answer any questions you might have. Once you are happy with your choice of provider, we will manage the whole application on your behalf.
How does it work?
You pay your chosen insurance company (either monthly or in one lump sum) and in turn you get a policy that protects your home against certain risks (normally for a year). If something happens to the property, you can make a claim. If that claim is successful your insurer will either pay you a sum of money or arrange for a contractor to do the repairs.
It’s also common to get a combined buildings and contents insurance policy with one provider which can work out more cost effective than buying them separately.
Frequently asked questions
Can I get buildings insurance for a vacant property?
Yes, though you may need to get a specific type of buildings insurance depending on how long your property will be vacant. If you already have buildings insurance and you are planning to leave your property vacant then a call to your insurance provider is the first thing to do. We can help you make these calls and determine what the right course of action is for your circumstances.
Can I get buildings insurance for a second home?
Yes, each property needs to have its own insurance. Depending on what your second home is used for, you may need a different type of insurance. For example, if you are letting that property, you will need to consider Landlords insurance.
Do I need buildings insurance for a new build?
Even though a new build property will be covered by NHBC warranty, you will still need to get buildings insurance which will cover you for structural damage incurred by things like fire or flooding. However, your buildings insurance doesn’t need to be in place until your completion date.
You may have many more questions about buildings insurance that aren’t covered here. If you want to speak to a friendly and knowledgeable financial adviser in more detail, then get in touch to arrange a no obligation call to discuss your individual circumstances.
Get in touch
We’re here to help with any questions you might have about our services. Send us an email, pick up the phone or fill out our contact form. We look forward to hearing from you.
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