Before granting your mortgage, your mortgage lender will require you to have a professional survey carried out to bring to light any problems there may be with the structure of the house, and also to ensure adequate buildings insurance cover is in place.
Subsidence, for example, may only be covered by your policy if you have a fully comprehensive survey completed. Suitable buildings insurance will help ensure you're prepared for every eventuality, so you needn't suffer excessive financial shocks.
The cost of permanent structures in your home
The land you own
Outbuildings (some policies)
It protects your building against the costs incurred by damage resulting from:
Floods and storms
Vandalism or malicious damage
Other natural disasters
Damage from vehicles, or falling trees
It may also cover:
Frost damage to pipes
Subsidence – which should be noted in a professional survey
Accidental damage to permanent fixtures
It does not cover:
Self-inflicted damage – e.g. DIY gone wrong
War or terrorism
Every property is different, but the main factors affecting the cost of your buildings insurance premium will be:
The structure of your property
The age of your property
Age of policyholder(s)
Number of bedrooms
Type of property
Material it is made from (concrete, brick, wood...)
Stability of the land
The risk of flooding
1. Insurance calculated by the number of bedrooms in your property. The more bedrooms your property has, the higher your premium. However, most policies have an unlimited sum per room.
Pros – it's convenient and you don't need to worry about not being adequately covered
Cons – you could be paying for more cover than you need
Pros – you only pay for the cover you need
Cons – it's a long and complicated process
Damage from ageing
Damage from general wear and tear
Wilful neglect of the property
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Disclaimer: This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
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