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Buildings Insurance: Risks

As you can see, these policies are designed to protect you from problems that are out of control. So, if some serious damage is done to your home as a result of flooding or storm damage, then you can see that this type of cover is there to step in and help.

But you obviously pay a higher premium if you’re property is viewed as being riskier to insure. There are a number of reasons why this might be the case. These might include the location of your property. For instance, if you live close to a river that has a history of flooding and causing damage to surrounding houses, then you might expect to have to pay more to insure your home.

Insurance companies also generally like home-owners who don’t make many claims. This makes sense, since these are the type of home owners who will often be rather profitable from the insurers point of view! So, if you make regular claims against your policy, you may find that your insurance premiums start to rise in future.

This won’t simply apply to your current insurer though. Insurance companies are understandably concerned about fraud and false claims. As a result, they share information with each other about the people and properties that they insure.

You need to remember that you also need to give honest answers when taking out a policy. If you fail to answer honestly then you may find that your insurance is invalidated. So honesty is definitely the right approach.

Home Insurance

Our complete guide to home insurance aims to give you the lowdown on your buildings and contents insurance options. Check out the complete list of articles:

Contents insurance
Comparing contents insurance
Buildings insurance explained
Buildings insurance risks
Buildings insurance cover
Buildings insurance: rebuilding costs
Buying buildings insurance online
Buildings insurance: moving home