question about building insurance

leyton-cats

Hello,

I'm currently in the process of buying my first home, and have started to consider what's involved in selecting a buildings insurance product.

Am I correct in assuming that these products are designed to pay out for unexpected damage (e.g. storm damage to the roof). But can they also pay out for the sort of work that is expected but only happens once in forty years like the replacement of an old roof.

I assume that most building insurance policies would only pay out for damage caused by external events only.

bryanb

They pay for damage, but not for things that wear out. It is not a maintenance contract.

Maincarer

Building insurance policies generally cover you for damage caused by specific perils e.g. Fire, Flood, Escape of water.

The main condition they impose is that the buildings are kept in a good state of repair i.e. well maintained.

Disputes often arise when damage occurs e.g, leaking felt roof following heavy downpour. The policyholder will feel they have a claim for Storm damage and the Insurer will generally state felt is an impervious material and the probability is it is an old roof that needs replacement.

No Insurer can cover for every eventuality but the idea behind insurance is that no one can predict when an incident might happen and how large that incident will be. That was what I was taught when I first started dealing with Insurance claims in 1984!