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Buildings Insurance

You will have to take out buildings insurance if you have a mortgage and you'll often find that your mortgage lender will be keen to recommend or provide such insurance. As with any financial products, you should shop around to find the best deal, rather than simply opting for the first offer that comes your way.

You'll have to insure for the cost of rebuilding your home (note that this is different to the value of your property) and you will find that premiums may vary greatly. As a general rule, you'll probably find that premiums are lowest on detached properties.

What will I be covered for?

Buildings insurance will usually cover your home for fire, flooding and other damage but may exclude vandalism and accidental damage. These can usually be included as additional extras (but will involve having to pay an increased premium).

When considering the policy that is best for you, it's obviously important to consider exactly what the insurance includes before deciding which policy to go for.