Cost of Buildings Insurance Guide

Covering your home for the right price

Making sure your house is covered for the right amount is key when buying buildings insurance, and this has an impact on how much your premiums would be. Here you’ll find answers for how the cost of buildings insurance is worked out.

How much does buildings insurance cost?

 

The cost of your buildings insurance is worked out based on the rebuild cost of your specific home, in additional to any optional extras you want to include in your policy, so this will impact how much buildings insurance costs.

The average buildings insurance policy costs £119.22 a year (surveyed by AA British Insurance Premium Index 2018), which comes out at around £2.30 a week. However, each policy can be affected by a number of factors, so you’ll need to consider your specific properties features when looking at policies.

The type of house as well as where it is can affect your premiums, such as the type of doors and windows, the age of the house, and what it’s made out of.

Is it cheaper to get buildings and contents insurance together?

 

Some home insurance providers may offer cheaper premiums if you get both buildings and contents insurance together, but it’s always worth checking carefully. The important thing is to make sure your buildings insurance provides the cover you need.

If you’re a landlord letting out a house or flat, you may not need contents insurance if the property is unfurnished, as the tenant would be responsible for insuring their own possessions.

Top Home Insurance FAQs:

Do I need Home Insurance?

Neither buildings insurance nor contents insurance are actually legally required so, technically, no you don’t need them. However, some mortgage providers will require you to have at least buildings insurance before lending you money to make sure that their loan is protected and, without home insurance, you run the risk of being responsible for the full cost of any repairs your home needs after a serious incident like a fire.

Especially if you own your home, getting home insurance is a sensible decision to make sure you’re not caught out unprotected in the event of a disaster.

Is theft covered by Home Insurance?

This will vary from provider to provider but, generally, theft of your belongings will be covered by contents insurance. Following the general rule that contents insurance is to cover your possessions while buildings insurance insures you for damage to the structure of your home, standalone buildings insurance typically won’t include coverage for theft.

What does accidental damage mean?

Again, the definition of accidental damage varies depending on who you choose to take a home insurance policy with. In most cases, however, accidental damage cover will protect you against damage that’s caused suddenly by non-deliberate actions. This could include knocking over a glass of wine and ruining your carpet, drilling into your wall and hitting a pipe, or even a toddler bumping into your TV and causing it to topple and break.

Will I need a credit check?

If you choose to pay for your home insurance policy in monthly instalments over the course of the year, it’s likely that a credit check will be necessary to make sure you can pay the full sum back. This will usually be a soft credit check, however, which won’t leave a record on your credit history. When you buy annually, credit checks generally aren’t required.