Buildings Insurance

Buildings Insurance

If you own a building, it’s important that you get the right buildings insurance so that your assets are fully protected.

The type of insurance policy you need varies, depending on what the building is used for and if it is occupied by you and your business, let to tenants or unoccupied.

An independent insurance broker will be able to help you decide what policy you need and then compare the market for you.

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What Is Buildings Insurance?

Buildings insurance covers the structure of the building and any permanent fixtures and fittings.

A buildings insurance policy can include cover for:

  • Sudden and unforeseen damage to buildings as a result of perils such as fire, flood and burst pipes etc.
  • Accidental breakage of glass, sinks, toilets and baths.
  • Loss of rental income, if buildings are let, in case an event, such as fire or flood, means that the occupants have to move out while repairs are in progress.
  • Property owner’s liability in case a member of the public is injured or their property is damaged at your property and they decide it’s your fault.

Can You Insure Commercial And Residential Buildings On The Same Policy?

Yes. If you own buildings that are part commercial and part residential, an office with flat above, for example, they can all be insured on one commercial property insurance policy.

How much does Buildings Insurance cost?

The cost of buildings insurance depends on a number of factors, including the location of your property, its construction, age and value, how it is occupied and whether or not you’ve had any previous claims.

How To Get Buildings Insurance?

Many insurance companies offer buildings  insurance, so there is a wide range of products available.

You can buy buildings insurance online, but you’ll probably have to deal with a call centre if you need help with anything and you’ll usually  be on your own if you have to make a claim.

It’s a good idea to work with an independent business insurance broker to make sure you get the right cover at a competitive price. They will get you several quotes from different companies and then recommend the product that best fits your requirements. And if you need to make a claim, they’ll be there to help you.

Five points to consider when arranging Buildings insurance:

  1. Is the building insured for the correct amount? This should be the rebuild value. If the sum insured is too low, you may have to pay towards rebuilding costs yourself.
  2. Is it a listed building? If so, is the insurance company aware and is the sum insured adequate? Rebuilding can take longer and can be more expensive.
  3. If you rent out the building and have loss of rent cover, is it for a long enough period? If you only have a 12 month indemnity period, consider extending this.
  4. Advise your insurance broker of any non-standard construction, such as thatch, timber frame, flat roof or modular or composite panels.
  5. Make sure your insurance broker has up-to-date details of how the building is occupied or of any major refurbishment or building projects, to make sure you are covered properly in the event of a claim.
  6. If your building becomes unoccupied, check how this affects the cover. Read any unoccupancy conditions in your policy wording or phone your insurance broker for advice.

What insurance do you need when renovating or extending a building?

If you are renovating, refurbishing or extending a building, let your insurance broker know. You may need different cover or your current policy endorsing.

Need advice about Buildings insurance?

Here at Breathe we have many years of experience arranging buildings insurance, whether you need cover for one building or for a property portfolio.

We offer a personal service, help you decide what cover you need and do all the work of comparing building insurance quotes for you, to make sure you have the right cover in place at the most competitive premium. And we’ll be here to help in the event of a claim.

If you would like more information or a buildings insurance quote from an insurance broker based in Kent, call us on 01622 620531, send us an Email or click the ‘Get A Quote’ button above to get started.