Your home may be repossessed if you do not keep up repayments on your mortgage.
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Building Insurance
Building Insurance
Your building insurance policy protects you against financial loss due to a wide range of risks such as fire, lighting, storm or flood damage, even things falling from aircraft!Equally importantly, your insurance policy provides you with liability cover, in the event that you are responsible for an injury or damage to some-one else's property, for example, a branch falling off a tree in your garden and damaging a neighbours car.
The value of your policy (the sum assured) is based upon the cost to totally rebuild your property. Usually, when the surveyor inspects the property on behalf of the mortgage company they provide their estimate of the rebuild cost and the mortgage company will require you to insure the property in line with this recommendation.
If you have lived in your property for a several years you may not have reviewed your sum assured and it is very important that this figure is accurate, as the time you need it the most you don't want to find out you are under insured.
Visit the Association of British Insurers website and their rebuild cost calculator, where you can check whether you are adequately insured.
