Buildings Insurance

Buildings insurance protects the physical structure of a property against certain specified risks. It generally includes the main structure of the home such as walls, roof, floors, windows and permanent fixtures like fitted kitchens or bathrooms. Policies are arranged based on the rebuild cost of the property rather than its market value. The scope of cover depends on your insurer and the policy wording.

Buildings insurance commonly protects the structure of a property against insured risks such as fire, storm damage, flooding and theft related damage. Structural elements including walls, roof, foundations and permanently installed fittings are normally included. The precise risks covered depend on your insurer and policy wording. Limits, exclusions and excesses apply.

The rebuild value represents the cost of reconstructing the property from the ground up. This includes materials, labour and professional fees required to restore the structure after major damage. It is different from the market value of the home. Insurers often provide rebuild cost calculators to assist with estimating the correct figure.

Buildings insurance is not legally required if a property is owned without a mortgage. However, many homeowners choose to insure the structure in order to manage the financial risk of major damage. Rebuilding a property after events such as fire or flood can involve significant cost. Insurance is arranged to provide protection against those risks.

Buildings insurance generally includes the permanent structure of the home and fixtures attached to it. This may include walls, roof, ceilings, fitted kitchens, bathrooms, pipes and wiring. Garages, driveways and boundary walls may also be included depending on the policy terms. Coverage details vary between insurers.

Extensions and structural alterations can usually be insured once they are declared to the insurer. Significant changes may affect the rebuild value and the risk profile of the property. Informing the insurer ensures the sum insured reflects the updated structure. Policy terms may change depending on the nature of the work.

Accidental damage cover may be available as an optional extension to buildings insurance. This protection applies to sudden, unintended damage to structural elements of the property. Examples might include drilling into hidden pipes or damaging fixed fittings. Availability and scope depend on the insurer selected.

Underinsurance occurs when the declared rebuild value is lower than the actual cost of reconstruction. In such cases, claim settlements may be reduced proportionally under the insurer’s policy conditions. Ensuring the rebuild value is accurate helps avoid this situation. Regular review of the sum insured is therefore recommended.

Storm damage is commonly included within buildings insurance policies, subject to terms and conditions. This may cover damage caused by high winds, heavy rain or fallen trees affecting the structure. Insurers assess claims based on the severity of the event and the policy wording in place.

Buildings insurance through Performance Direct may be arranged where property owners require protection for the structural elements of their home. This can apply to owner occupied properties or residential buildings requiring rebuild protection. Cover is assessed based on property type, rebuild cost and location, subject to insurer underwriting criteria.