Taking out home building insurance is a necessity in protecting you home against unforeseen disasters such as subsidence, floods and an array other things that may destroy or damage it.
Building insurance cover protects the structure of your home as well as the permanent fixtures and fittings.
A more comprehensive list of what building insurance covers would include fire, lightning, explosion, earthquakes, theft (or attempted theft), riots or vandalism, storms or flooding, subsidence, falling trees, moving objects (such as a car hitting your home) and escaping or leaking water or oil.
This insurance cover is usually insisted upon by mortgage lenders who want to protect their interest in your home.
However you shouldn't just go for a cheap buildings insurance policy as you may find you're not sufficiently covered at the worst possible time. Instead, compare buildings insurance quotes and find the cheapest policy that gives you the cover you need.
How much cover?
Building insurance cover should not be set at the market value of your home, but instead on the cost it would take to demolish and rebuild your home completely with all the fittings and fixtures included. This would also include architects, builders and trades people's fees and is partially based on the number of bedrooms in your house.
Surprisingly this is generally significantly less than the market value so you should check your mortgage documents so you don't pay for insurance you don't need.
So, what should you look for from insurers in event of an accident?
As well as a sufficient rebuild limit it is imperative to ensure that all outside buildings and the garden are covered by the building insurance quote.
Many insurers also offer the chance to get alternative accommodation, should your house be uninhabitable because of an insured incident. This can be a valuable benefit if you wouldn't have anywhere else to stay.
You should also look into the period of time you are entitled to leave a house unoccupied as some policies only allow a certain period before becoming void and this can lead to issues if you go on a long trip away.
How to reduce the cost
Insurance costs can be reduced in a number of ways.
Insurers like to see a certain number of things that signify risk avoidance and so ensure your property is much less likely to suffer any major issues - this will help you to get the cheapest building insurance possible.
You can get a cheap quote by installing smoke alarms and purchasing a fire extinguisher so as to reduce the cost. Not only do these reduce the cost of insurance, they are also a device that could help to save your life, so be sure to install one even if not for the sake of your premium.
Proper damp proofing can also reduce the cost as it prevents the chance of structural damage. Properly insulated pipes also reduce insurance costs, as doing so reduces the chance of burst pipes in frozen weather. Both of these things will also reduce the likelihood of you needing to make a claim.
However, the best way to reduce the cost is to compare building insurance quotes and find the best deals that give you comprehensive cover from a cheap buildings insurance policy.