Purchase Buildings Cover For Your Home

2007-11-09 05:11:17

( Insurance )



Whether you purchase buildings and contents, or only wish to buy buildings cover, you would generally feel protected and have peace of mind in knowing that the investment in your home is secure. Fire, storm and flood, damage that theft and water cause to the building, subsidence, falling trees, earthquake, and riot and civil commotion are some of the risks which your buildings cover pays.

The main difference between buildings and contents insurance is that buildings cover will not protect any personal belongings inside your home. Buildings cover pays only the damage to the physical structures such as walls, doors, wiring, plumbing, and all the other permanent fixtures of your property. Under the law, the term buildings cover also the patios, outbuildings, fences, garages and greenhouses.

Basically, the premiums that you would be paying on your buildings cover are lower than the combined buildings and contents insurance. The basis for calculating the cost of buildings cover is the estimated amount to rebuild your building. It is important that you purchase the accurate amount of buildings cover. Otherwise, an average clause might be imposed upon you when you make a claim at the property.

In addition to the rebuilding cost, your postcode is also one of the factors that affect your buildings cover premium. The location of your property will tell the insurers about the number of claims that have been made from that postcode.

If you have taken out a mortgage on your home, your mortgage lender will most likely require you to get buildings cover before the approval and release of the loan amount. Having buildings cover will ensure that your lenders will be paid whatever catastrophe might occur causing damage to your home. And although you might lose your property due to the disaster, your obligation to repay the mortgage will also be extinguished.


All rights Reserved © Tradenet Services srl
Do not duplicate or redistribute in any form.