Buildings Insurance Question

kp127

Hi, I wonder if any of you could provide advice regarding a buildings insurance question that I have.

Just want to ask whether we needed buildings insurance to cover us and our neighbour, as we live in a semi-detached house, if damage to our property for whatever reason caused damage to theirs? If so, i presume their rebuild cost should be taken into account when looking for quotes. If not, would their insurance cover it (provided they have insurance). We are trying to save as much as we can, and we currently have 400k cover for buildings (which is the minimum offered by our insurer) but would rather put in a less figure, which makes buildings insurance cheaper, when looking for quotes elsewhere. We currently have accidental damage with buildings insurance, if it helps with your answers . I do apologise if this has been asked already.

Many thanks in advance!

McKneff

Hello there
Personally, i insure my self for my house, there really is no need to worry about neighbours. Have you shopped around for your insurance. I have a 3 bed semi
and am insured for buildings, contents, accidental damage, items away from the home, legal cover for just over £200 per annum.

Try giving the co-op (CIS) a try at your next renewal if you are looking to save your pennies. I shop around every year and they cant be beaten on price.

The cost of rebuilding is nothing like what your house is valued at. It is a lot lower.

Quote

The rebuild cost isn't always lower than the market value.

OP - You have no insurable interest in your neighbours' building. Your property owners' liability will cover damage to their building. There aren't any loopholes.