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How Building Insurance Works, with Mustard.Co.UK

Covering your home is a worthwhile investment because you will be insured in the event of damage. The complexity of insurance standard policies, however, makes it difficult to decide which covers financially suit you and your home. Mustard, a comparison website, has devoted its energy to inform customers about home, life and motor cover policies. By working with specialist insurers and brokers, Mustard ensures customers garner legitimate information before taking a cover. Featured below are five facts about building insurance covers.

Standard Policy

The standard policy covers your building from damage caused by fire, storms, floods, burst pipes and vandalism. This policy only coves for the unmovable parts of your building, which include walls, roof, windows, ceilings and any other unmovable parts. Cost of repair or rebuild will be covered by the insurer in case damage occurs.

Added Policy Expenses

Some added extras that can be covered in your building cover policy are;

  • Legal fees resulting from suing workers for poor construction or being sued for injuries by or within your property
  • Accidental damages cover, which has broader coverage than the standard policy
  • Home emergency cover that comes with a 24-hour helpline for emergencies.

These extras are not always covered in the standard policy cover, therefore, ensure you check the cover before taking it.

Legal Requirement

Your lender might require you to make a cover for your building before acquiring a mortgage. However, if you do not need a mortgage, you can cover your home on your own volition. If you are a tenant, the property owner is responsible for covering the building. Although, in the case of negligence, it would be best to cover the contents in your house.

Principle of Indemnity

In the case of damage, the cost of repair and added expenses will be covered as per the sum insured. If the sum insured is not enough, you will be required to add an extra amount from your pocket. Ensure the premium you pay per period basis is enough to cover for overall damage.

Assessment of Premium

When deliberating on the premium to cover for the building, assess the type, location, and rebuild cost of the building. Old buildings require a higher premium than new ones because of a probable scarcity of building materials. Assess location to know which factors might cause damage and the rate of occurrence. The premium will be higher if the cost of rebuilding is higher.

Whenever you need more insurance information, you can trust that Mustard will provide a thorough analysis for you.

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