HOME BUILDING
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Learn
about building insurance for your home.
HOME
BUILDING INSURANCE
Home
building insurance is insurance which provides
protection against the cost of
repairing/rebuilding the structure of your home
in the event that something unwanted should
happen – fire, water/flood, storm, burst pipes,
being some of the classic examples.
Unlike other
types of insurance policies, home building
insurance is rarely a voluntary undertaking – in
most cases you home mortgage provider has
insisted that you take out the policy in
exchange for their having provided you with the
home mortgage.
INSURANCE
FOR PROTECTING YOUR HOME
What does home building insurance insure
against? It is essential that
you know, and fully comprehend, that home building insurance is insurance
against the cost of rebuilding your home - it is not, nor was it ever
intended to be, an insurance policy against the value of your home (against
which you can take out insurance).
How are costs calculated?
Quite simply, the costs of rebuilding your home are the costs of rebuilding your
home. To assess this, you are usually required to ask one of the insurance
company’s assessors to come and view your home and place a value on the home.
The home building insurance premium will then be based on this assessed value.
Of course, included in the actually cost of rebuilding your home – i.e. the cost
of the materials and labor needed in order to rebuild your home.
As you can no doubt see then, home building insurance is not a static insured
sum, as both the value of your home, and the cost of part and labor to fix
anything that goes wrong with the home will increase over time. But, the onus of
remembering this is on you – so, you will need to calculate the rising cost of
rebuilding your home.
Getting cheap home building insurance
If you are looking for home building insurance, you will note that a lot of
policies are offered, and the price varies dramatically. Basically, home
building insurance bought on the Internet has often proven to be the cheapest,
but it has also proven to be the type of policies that have the most exemption
clauses – so although the premium is cheap, the cost of the repair is the same
and you may end up having to pay some money yourself. As such, ‘cheap home
building insurance’ means finding a nice balance between premium payable and
home contents insurance policy exemption clauses.
Second home building insurance
As a nation we are becoming richer, and enjoying the spoils of becoming richer
means more and more of us these days enjoy the benefits of a holiday or vacation
home. If this scenario sounds familiar, please keep in mind that if you do not
live in the vacation home full time, then the home building insurance premium is
likely to go up as the risk factor of anything happening is also considered to
be higher.
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Learn
about building insurance for your home.
To
teach and learn money skills, personal finance, and money
management, please go to the