Buildings insurance

Tuesday, 14 November 2006 03:31

Buildings insurance is a policy taken out by a homeowner to cover the cost of rebuilding or repairing their property in the event that it is damaged.

Mortgage providers generally require borrowers to have buildings insurance to take out a home loan.

Buildings insurance typically protects against fire, flood, subsidence, leaks, and storm damage.

Policies can also be extended to include the cost of alternative accommodation while repairs are being carried out.

Buildings insurance pays for the cost of rebuilding the property, in exchange for a monthly fee.

The Association of British Insurers has devised a calculator which enables homeowners to work out how much cover they will need should their house be rebuilt from scratch.

Association of British Insurers house rebuilding costs calculator.

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