Sourcing the right cover for your home
When you arrange a mortgage, your lender will stipulate that you need to put in place buildings insurance for your property. At Nationwide Independent Consultants Ltd, we make sure your mortgage is approved before starting the process of finding the protection that is right for you and your home. Buildings insurance usually pays out if your property is destroyed by fire, floods or subsidence, or suffers damage. Fixed fittings such as kitchens are usually covered too. Be aware that if you purchase a leasehold property, such as a flat in a block of flats, the freeholder may have arranged cover for the whole block, in which case you may not need your own policy.
The cover will be based on the projected cost of rebuilding your home. You can check whether you have sufficient cover at the Building Cost Information Service (BCIS) website. You need to tell your insurer if you extend your property, for example with a loft conversion or conservatory.
Your belongings are not covered. They need to be addressed separately with contents insurance, although you may find when you shop around that some providers offer a good deal to cover both buildings and contents.
Most policies have a standard excess charge, which means you agree to pay the first part of any claim, usually £50 or £100. If you agree to pay a higher excess, you might get a cheaper policy. Our team of advisers can help you get the balance right and check you have the right level of protection for your home. Other benefits that may be included are:
Accidental damage cover
No claims discount
Loss of rent, or cost of alternative accommodation