Buildings insurance
Buildings insurance covers the cost of repairing damage to the structure of your property. This includes such things as the roof, walls, floors, doors and windows to name a few. The damage caused may be as a result of the following but not specifically, fire, storm, falling trees, vandalism and damage caused by burst or freezing plumbing.
Having buildings insurance is mandatory when taking a mortgage, regardless of whether you’re buying a property or remortgaging. It is a condition of every mortgage offer that buildings insurance is in place for the exchange of contracts.
Aside from the mandatory aspect, insuring your property and contents is important. Imagine the cost of having to rebuild your property or replace all of your contents following a fire or flood.