Buildings insurance
Cover for the fabric of your home. Required by every mortgage lender. We arrange policies that satisfy the lender wording and reflect the real rebuild cost of the property.
Buildings insurance covers the structure of the property: walls, roof, floors, fitted kitchens, fitted bathrooms. It is a condition of every UK mortgage, and the policy schedule has to satisfy the lender's wording before completion can take place. We arrange buildings cover through our protection panel, calculate the proper rebuild value (which is rarely the same as the market value), and check the schedule against your mortgage offer ahead of exchange so completion is not held up by a last-minute insurance issue.
Who this is for
- You are buying a freehold property and your solicitor needs evidence of buildings cover from exchange.
- You are remortgaging and want to compare your existing buildings policy against the range of available options.
- You own a non-standard property (thatched roof, listed, timber-frame) where mainstream cover may be unavailable or under-priced.
- You are about to start a build or significant renovation and need correct cover during works.
What buildings insurance covers
Standard buildings cover protects against fire, escape of water, storm, flood, subsidence, theft (where damage is caused on entry), accidental damage to fixed glass and sanitary ware, malicious damage, and impact (vehicles, falling trees, aircraft). Most policies also include alternative accommodation cover and tracing-and-access cover for plumbing leaks. Optional add-ons include accidental damage extension, home emergency, and legal expenses.
Sum insured: the rebuild value
The sum insured is the cost to rebuild the property from scratch, not the market price. A £450,000 Victorian terrace might rebuild for £190,000. Insuring for £450,000 wastes premium; insuring for £100,000 leaves you under-insured and vulnerable to "average" on partial-loss claims. The Building Cost Information Service (BCIS) rebuild calculator is the industry standard. We use it and cross-check against the survey valuation.
Lender wording
Your mortgage offer specifies the minimum sum insured and the perils that must be covered. We check the policy schedule against the offer wording before exchange so the solicitor is not chasing a fix on completion day. The most common late-stage hold-up on completion is buildings cover that does not meet the lender wording.
Non-standard properties
Listed buildings, thatched roofs, timber-frame, properties with flat roofs over 25% of total roof area, and properties in flood zones, all need specialist cover. Mainstream insurers either decline or load heavily. We have a panel of specialist insurers for these cases.
Subsidence and tree-line risks
Subsidence cover comes with a separate, higher excess (typically £1,000) by industry standard. Properties on clay soils with mature trees within rooting distance often see loaded premiums or restricted cover. We disclose tree positions and any prior subsidence history at outset; insurers vary widely in appetite.
Renovations and unoccupied periods
If you are renovating, ask whether the policy continues to cover the property during works (most do for minor work; major work requires a renovation policy). If the property will be unoccupied for more than 30 days (most policies' threshold), tell the insurer or risk losing cover. We flag both at outset so it is set up properly.
How Major Money Matters helps
Specific things we do for this product. No generic platitudes.
Calculate rebuild value properly
BCIS-aligned rebuild figure cross-checked against the survey, so you are neither under-insured (and exposed to "average") nor paying for cover you do not need.
Match the policy to your lender wording
We check sum insured, perils and effective date against your mortgage offer ahead of exchange. No completion-day insurance scrambles.
Specialist cover where needed
For listed, thatched, timber-frame, flood-zone and other non-standard properties we have a specialist panel that mainstream insurers cannot match.
Renovation and unoccupancy planning
If the property will be empty during works or after a sale we set the policy up to cover that period, rather than have it lapse silently.
Frequently asked questions
When does buildings insurance need to start?
On exchange of contracts, not completion. From exchange you are legally liable for the property even before you have moved in. Your solicitor will ask for evidence of buildings cover at exchange.
What is "average" on a buildings claim?
Average reduces a partial-loss pay-out in proportion to how under-insured the policy is. If your home would cost £200,000 to rebuild but you insured it for £100,000, a £20,000 escape-of-water claim could be paid at half rate. Setting the right sum insured at outset prevents this.
Do I have to use my lender's recommended buildings insurer?
No. A lender may only offer its own insurer, but you are free to use any insurer whose policy meets the lender's wording. Comparing the range of available options often reduces the premium for equivalent cover.
Will previous claims push my premium up?
Yes. Subsidence claims raise prices most; flood and theft claims also matter. Some insurers cope better with prior claims than others, we know which.
Do I need separate buildings cover for a flat?
Almost always no. The freeholder arranges (and bills you for) buildings cover via the service charge. Check the lease and the buildings insurance schedule before completion, and consider contents-only cover for the inside.
What about a property with a thatched roof or listed status?
Mainstream insurers decline or load heavily. We have a specialist panel that prices these properly. Disclose the property type at the first conversation, not at the application stage, so we approach the right insurer first.
Related
Other protection products that often pair with this one.
Contents insurance
Cover for everything inside the home. Standalone or combined with buildings. We list valuables properly so they actually pay out.
Read moreHome insurance
Buildings cover (lender required) and contents cover. We check the schedule satisfies your lender, before completion.
Read moreMortgage protection
The umbrella for cover that protects the mortgage: life, critical illness, income protection, or a mix. We size the package to your household.
Read moreWhat our clients say
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Get buildings cover that satisfies your lender
Tell us the property and your mortgage offer, and we will quote a policy that meets the lender wording at the right rebuild figure. Quote turned around quickly for most cases.
We aim to return your call as quickly as we can. Mon to Fri 9am to 5pm, weekend appointments on request.