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With the cost of living continually rising and finances being pulled in ever more directions, it is easy to see why so many of us are constantly looking for ways to cut down our monthly bills. One option that some people may consider, is cancelling their buildings insurance. It can seem like an unnecessary expense and you may think “what are the chances of something happening to your home anyway, right?”
Buildings insurance becomes more important than ever when finances are tight, for a number of reasons that we’re going to look at below.
It is probably a condition of your mortgage
First things first, if you own your property with the help of a mortgage then in all likelihood you are legally bound to have an insurance policy in place. Mortgage lenders tend to stipulate this to protect their financial interest in the property – if something were to happen to it and you couldn’t afford the repairs then they need to know that they will be able to recoup the capital that they have lent you. If this is the case, then cancelling your policy could land you in hot water with your mortgage lender – a position that you certainly don’t want to end up in, with your whole home at stake.
It will protect you against total losses
If someone experienced a minor leak at their house which damaged their flooring, or their window was smashed, they may well have enough money in the bank to repair this themselves. But if a devastating fire were to rip through the property then it is very unlikely that the average person would be able to find the cash to repair the extensive damage. This is why buildings insurance is vital. Although it is useful for small claims that would make finances a bit tight, it becomes invaluable when you consider the risk of something very serious happening to your property and potentially being left homeless.
If you make a claim, the insurance more than pays for itself
If you are ever unfortunate enough to need to make an expensive claim on your buildings insurance policy, then you will almost certainly claim back more than your annual premium has cost you. Buildings insurance can be obtained from as little as £11 a month. As a claim could potentially reach values of 6 figures, the cover provided is relatively inexpensive, making the selection of suitable cover very cost effective.
It will protect you against liability claims
Although it protects the bricks and mortar of your home, a buildings insurance policy can also protect you in other useful ways. Many policies will include some aspects of public liability insurance, which can provide invaluable protection in the event of you being sued. This could include scenarios such as somebody injuring themselves whilst on your property or some part of your home falling and injuring somebody as they pass by. This cover will be provided at different levels depending on which buildings insurance policy you choose but is certainly a benefit worth having.
It is clear that buildings insurance is a necessary expense for a wide variety of reasons and certainly not one that you should consider scrimping on or cancelling altogether. In the event of a disaster at your home, it is vital that you have a suitable policy in place to help you pick up the pieces.
Speak to your Source broker about finding the right cover to protect your most important asset.