Generally speaking, it covers the parts of your home that aren't easily removed, including:
- Damage to your house from flooding, fire and storms
- Structural damage caused by subsidence and fallen trees
- Water damage to your house caused by burst pipes
- Accidental damage, in case you put your foot through the attic floor (sometimes an optional extra)
If your house has a rebuild value of over £500,000 - your home might be classed as 'high value'. This usually happens with listed buildings as repairing any damage may require specific materials, which can increase costs. It's worth talking with your insurer, as some brands offer high value home insurance as a specific policy.
Before you buy a house, most mortgage lenders will insist that you take out a policy to cover the building.
If you're a landlord, you may need a specialist policy that is designed for rental properties to cover the extra risks involved.
Accidental damage was the most common type of buildings insurance claim in 2012, followed by storm damage. It goes to show that anything can happen, so getting covered is worth considering.
Roughly one in six properties in the UK is at risk of flood damage, and the number of people at risk is predicted to grow significantly over the next few decades.
With this in mind, protecting your house and fixtures from flood damage could save you paying thousands of pounds in rebuild costs.