Buildings and Contents Insurance, Ready for Completion Day
Your lender will expect your home to be insured from the moment you complete, and your belongings deserve protecting too. We make sure the right cover is in place at the right time, so nothing is left to the last minute.
Protecting the Structure of Your Home
Buildings insurance covers the cost of repairing or rebuilding your home if it is damaged by events such as fire, flood, storm, subsidence or escape of water. It covers the structure itself, including walls, roof, floors and permanent fixtures such as fitted kitchens and bathrooms.
If you have a mortgage, most lenders make buildings insurance a condition of the loan, and it usually needs to start on the day you exchange or complete. Missing that deadline can delay your purchase or put you in breach of your mortgage terms.
The amount you insure for should be the rebuild cost, not the market value. Rebuild cost is often quite different from what the property would sell for, and getting it wrong can leave you underinsured. Your mortgage valuation or survey may give an estimate, and we can help you check it.
It is also worth checking whether a policy includes alternative accommodation if your home becomes uninhabitable after an insured event, and what excess you would pay on a claim. A lower premium can mean a much higher excess.
Covering the Things That Make It Home
Contents insurance protects your belongings against theft, fire, water damage and other insured events. That includes furniture, electrical items, clothing and personal possessions.
When deciding how much cover you need, it helps to go room by room and add up what it would cost to replace everything new. Many people are surprised by the total. You may also want to consider:
Accidental damage
Personal possessions
High-value items
Buildings and contents cover can be arranged together on one policy, which is often simpler and can be better value, or separately if that suits you better. Most contents policies replace items on a new for old basis, but some apply deductions for wear and tear on certain items, such as clothing, so it is worth checking the terms.
Insurance for Rental Property
Standard home insurance is not designed for let property. If you are a landlord, you will normally need specialist landlord insurance, and your buy to let lender is likely to require buildings cover as a condition of the mortgage.
Landlord policies can include buildings and landlord contents cover, property owners’ liability, and options such as loss of rent and legal expenses. The right combination depends on whether the property is let furnished or unfurnished, the type of tenants, and whether it is a single let, a house in multiple occupation or a block.
We can make sure your cover lines up with your buy to let mortgage, whether you own one property or a growing portfolio, in your own name or through a limited company.
One Less Thing to Arrange
Arranging insurance is easy to overlook in the rush of a house purchase. Because we are already managing your mortgage, we know when completion is approaching and can make sure suitable cover starts on time.
[CONFIRM: “We arrange buildings and contents insurance directly through our panel of insurers” OR “We work with a trusted general insurance partner, [PARTNER NAME], who will contact you to arrange cover. Futurewise Finance may receive a fee for this introduction.”]
When your policy renews, it is worth checking that the sums insured still reflect your rebuild cost and belongings, especially after an extension, renovation or major purchase.
Frequently Asked Questions
Do I need buildings insurance if I live in a flat?
Flats are often covered by a block buildings policy arranged by the freeholder or management company. You will usually still need your own contents insurance. We can help you check what is already in place.
When should my buildings insurance start?
Usually from exchange of contracts, when you become responsible for the property, and certainly no later than completion. Your solicitor and lender will confirm the requirement.
Is the rebuild cost the same as the price I paid?
Rarely. Rebuild cost reflects the cost of reconstructing the property and can be higher or lower than its market value.
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