Buildings insurance covers the bricks and mortar of your home as well as the roof, floors and any permanent fixtures and fittings. So fireplaces, wooden or marble floors, kitchens, built in wardrobes and kitchens are all part of your building. A good policy will also provide cover for your outdoor structures such as sheds, decks, outdoor kitchen and showering areas as well as your boundary fence or wall and gates.
Most people require buildings and contents insurance. If this is the case, a combined home insurance policy is the more cost effective means of insurance which includes both buildings and contents under the one policy. Click here to receive a comparative quote from over a dozen insurance companies.
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When you have a mortgage on your property or home, Banks and financial institutions require you to have buildings insurance. Very often the bank will offer to provide this cover for you and, in most instances, this is the most expensive way to insure your buildings.
If you are renting out your building, remember that you will need a special landlord insurance policy to fully protect your investment.
In order to buy buildings insurance you will be asked a number of questions. As well as the address and age of the building, you will also have to provide the building sum insured. A great rebuilding calculator that is specific to Ireland can be found on the Society of Charters Surveyors in Ireland website. We also have a calculator built into our quotation system. Remember, that you are insuring the cost of rebuilding from the ground up. Include also an additional amount for site clearance and debris removal. The market value of the building has nothing to do with the building sum insured.
Finally, it is always good to check the small print of your policy and schedule. Alternatively talk to a professional at QuoteMe.ie. If your building is located in an area that is deemed to be susceptible to flooding or subsidence, those covers may be excluded. It is worth checking this in advance of purchasing your buildings policy to be sure.