Residential Property Insurance
What is this?
Buildings Insurance is a policy which is intended to meet the cost of repairing or rebuilding your home in the event of damage or destruction. If you have a mortgage on a freehold property, the lender will insist that his interests are protected by making sure that the policy will meet the full rebuilding costs. If your property is held on a leasehold basis, the lender may want to see a copy of the policy held by the freeholder. In addition, you can protect the value of your possessions or contents by either taking out a separate Contents Insurance policy or having a combined Buildings and Contents Insurance policy.
Who is it for?
These policies are only available to homeowners and for their own residences. It is also possible to insure second homes, holiday homes and properties occupied by dependant relatives.
Who is it not for?
The policy cannot be used to protect Buy to Let or Commercial property, though similar products are available for these properties. Tenants cannot insure the property but they can insure their own possessions through ‘Tenant Insurance’.
