Buildings insurance
What is buildings insurance?
Buildings insurance normally covers the main structure, outbuildings, walls, gates and the property owner’s fixtures & fittings. The level of coverage can vary greatly between different insurance policies, with some policies covering very little.
A common mistake when insuring a building is to insure the cost of its market value rather than the cost of rebuilding the property. Most buildings’ insurance policies are written on a reinstatement basis, which means the building should be insured for its rebuilding cost, including debris removal costs and professionals’ fees. Therefore, the insurance value and market value may differ greatly. Consideration in valuation will need to be given to construction, listing, location, etc. Alternatively, you may wish to insure your building on a first-loss or indemnity basis, which we would be happy to discuss with you.
Depending on your circumstances, you may require additional cover or a different set of policies. If the following applies to you, please click through to learn more:
What should my insurance cover?
Many policies can be extended to include a range of benefits such as:
Payment of fines & penalties
Payment of ransoms & extortion
Cover for lost or disrupted income
Cover for physical injury/damage
The cost of phone hacks
Cost of notifying your contacts
Incidents at your outsourced service providers
Social media risks
Most modern policies cover ‘all risks’, meaning everything except listed exclusions will be covered. Common exclusions include subsidence and terrorism, which you may have to request. If your property is high risk, such as unoccupied, the insurer may restrict cover to ‘named perils’ such as fire, lightning, earthquake and explosion.
What would you like to do?
Request a quote
Make a claim
Contact us
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