Get Your Head Round Property Insurance

Get Your Head Round Property Insurance

There’s something that happens in every house in the UK every year. No-one looks forward to it, but at the same time they get an odd feeling of peace of mind from it.

What is it? It’s the process of renewing property insurance.

There are few of us that sit there looking through our diaries, jumping with glee at the thought of another year’s renewal notice dropping through the letterbox. But it’s an essential insurance to have.

Of course there are two distinctive types of property insurance that you would normally buy. We take a look at them, why you would buy them, and how you can benefit from them (we can’t make you pleased to buy insurance, but it’s good to know exactly why you need it!).

First off is the big one: buildings insurance. If you have a mortgage, your lender will insist that you buy property insurance that covers the cost of re-building your house in the event of a large number of calamities affecting it.

These can include explosions, damage from lightning, fire or smoke damage, trees falling onto the house, and vandalism or other malicious damage. Cover also normally includes an airplane landing on the property, or the more likely (if still statistically unlikely) event of damage caused by something falling from an aircraft.

Subsidence and flooding is covered, with a large excess if the property has been affected by these problems before. So will