Home Insurance, What is Buildings Insurance?
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Posted On :
Jun-18-2009
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Article Word Count :
443
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Buildings insurance is a type of home insurance. If your home is destroyed or made uninhabitable by vandalism, storm, flood or fire then your financial losses would be covered if you have buildings insurance.
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Buildings insurance is a type of home insurance. If your home is destroyed or made uninhabitable by vandalism, storm, flood or fire then your financial losses would be covered if you have buildings insurance.
Most mortgage companies will require you to have buildings insurance because the money they lend you is safe so long as they can repossess your house if you are default on your payments. Different policies offer many different levels of cover, but as a general rule the cheaper policies tend to offer less financial protection by covering fewer expenses and offering lower maximum payments.
All buildings insurance policies ought to cover the actual structure of your house and should include all the things that would not come with you when you move house, such as your bathroom fixtures and fitted kitchen cabinets. Garages, greenhouses and sheds are included in most buildings insurance policies, but plants, fences and boundary walls may not be.
You should make sure that your policy covers the cost of totally rebuilding your home, including any improvements you have made. Make sure that you inform your insurer if you make improvements to your home, for example the addition of a conservatory. Your buildings insurance will be based on the last known condition your home was in, and any sums paid out by the insurer will reflect that.
Under insurance, when the amount you receive does not cover your losses, can be a terrible financial blow, so make sure that you carefully consider the level of cover you require. Prices can differ greatly so do shop around.
A lot of home insurance providers offer discounts if you buy both your buildings and contents insurance from the same company. Contents insurance is for all the items that are not permanent fixtures in your home, such as white goods and furniture. The test is whether you would take the items with you when you moved, for example you would not take the wallpaper but you would take the curtains.
If you are renting, your landlord is responsible for obtaining buildings insurance, but your own possessions will not be covered. To insure your own things, you should take out a separate contents insurance policy.
If your home is perceived to be high risk, for example due to a history of flooding, then your premium is likely to be higher and you may struggle to find an insurer. There are specialist buildings insurance companies who deal with high risk properties, so if your home is in that category you may need to look at their products and brace yourself for a bigger bill.
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Article Source :
http://www.articleseen.com/Article_Home Insurance, What is Buildings Insurance? _1180.aspx
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Author Resource :
With Kwik Fit Insurance house insurance, your home and your treasured possessions will be well-protected from the unexpected.
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Keywords :
home insurance,
Category :
Home and Family
:
Home Security
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