Guide to insurance - Home Insurance buildings cover
Home buildings insurance pays the cost of rebuilding or repairing your home's structure if it is damaged or destroyed by an event covered by your policy.
Mortgage providers normally require home buildings insurance to be arranged as a condition of the mortgage, but you don't have to buy your home buildings insurance from the same company who provided your mortgage.
When arranging home buildings insurance, you can normally choose one of two types of cover:
- specified perils (i.e. you are only covered for damage to your home's structure caused by those specified events), or
- accidental damage (which means you are covered against any accidental damage to your home, provided the damage is not specifically excluded by the policy terms).
When deciding which cover to select it is important that you read the policy small print or ask the insurer questions about what is covered. It costs more for accidental damage cover but it may be well worth it - make sure you know what a 'specified peril' is so you won't be disappointed when you make a claim.
And check out what cover is included for outbuildings and garages, and any trees in your garden. It may not be just your home you need to protect.