What to Expect When Getting a Building Insurance Quote

Building insurance is one of the most important protections a property owner can have. Whether it’s for a home, rental property, or commercial premises, this type of cover ensures you’re not left out of pocket if something serious happens — such as fire, flood, storm damage, or structural failure. If you’re taking out a building insurance quote, it’s a good idea to know what to watch out for, and what information insurers are going to need to provide you with a fair price.

A buildings insurance policy is meant to pay out for the building itself and anything that is attached to it. That means the walls, roof, floors, windows, kitchens, and bathroom suites. It’s not the same as contents insurance, which insures the contents of the property. The majority of mortgage providers demand buildings cover before they’ll lend money, but even if you have no mortgage, it’s a necessary safety net.

How Quotes are Calculated

When you ask an insurer to quote for building insurance, they will need to know a few things about your property. These aren’t for costing — they enable the insurer to see how much risk there is, and how much cover you should have. Everything from the age of the property to the materials it was built with, the type of roof, and even the location  will influence the price.

One of the most significant figures in a quotation is the rebuild cost — not the market value of the house, but how much it would cost to build it from scratch. This is demolition, removal of debris, labour, materials and professional fees. If the rebuild cost is underestimates, you could be underinsured, which might result in receiving less than you anticipated in the event of a claim. The majority of insurers will automatically work this out using databases, but where the building is non-standard or exceptionally large, a professional valuation might be required.

Your insurance history also plays a role. If you’ve made previous claims, or if the property has had problems in the past (such as subsidence or water damage), the insurer may increase the premium or apply conditions. On the other hand, having extra security features such as monitored alarms or upgraded locks may help reduce the price.

Tailoring the Policy to Your Property

Not all buildings are the same, so it’s important to make sure the cover you’re being quoted for actually suits the property. For example, if the home is listed, built with unusual materials, or located in a conservation area, a standard policy may not offer the right level of protection.

Optional add-ons are also a good idea. Some policies enable you to pay extra for accidental damage cover, legal costs, or home emergency cover. These are useful in some instances, but they will make the policy more expensive. It’s better to balance what’s absolutely necessary instead of opting for the lowest price.

For rental or holiday properties, you might require a more specialist policy. Landlord building insurance will likely involve extra features such as loss of rent or liability cover to tenants, while second homes might require flexible terms to account for times when the property is empty. 

Why Getting Multiple Quotes Is Important

Fees can also differ extensively between companies, even if the amount of cover seems identical. That’s why it’s well worthwhile obtaining several quotes and not only comparing the price, but the conditions too. Less expensive policies might come with greater excesses or more stringent terms, or others might provide improved backing in the event of a claim.

Understanding what you’re covered for — and just as importantly, what you’re not — is key to choosing the right policy. Don’t be afraid to ask questions or seek clarification before agreeing to anything. The time spent comparing quotes properly is a small effort compared to the cost of a rejected claim.

Building Peace of Mind into Property Ownership

Obtaining the best building insurance quote is more than a matter of securing a cheap premium. It’s about ensuring your property is secure in case the unexpected happens, with cover that accurately represents the true value and condition of the building. Insuring a home for a family or a commercial property, a good policy provides you with the peace of mind that in the event something does go awry, you’re not alone in bearing the cost.