The Essential Guide to Buildings Insurance for UK Property

Not the sexiest subject, but maybe the most important?

In Episode 113 of Expat Property Story, I talked to Josh Munt & John Cox of Insurance Desk to discuss that sexiest of subjects, Buildings Insurance for UK Property!

Here are the 10 key takeaways, condensed for your convenience!

1.     Stay up to date during renewal periods to ensure your insurance policy accurately reflects your property's specifications.

2.     Take advantage of the free BCIS calculator (up to 4 free valuations) for accurate calculations on residential properties.

3.     Familiarize yourself with the minimum, maximum, and middle range valuations provided by BCIS.

4.     Establishing the reinstatement value is crucial, as it usually aligns with the cost of rebuilding the property.

5.     Be aware that the cost of rebuilding a house in London will cost less than its market value whereas in less affluent neighbourhoods, the reverse will apply.

6.     Consider opting for an index-linked policy or uplift to account for inflation and rising material costs.

7.     Thoroughly read and understand the policy details, including the IPID or key facts summary and the schedule for endorsements and requirements.

8.     Some of the more well-known UK insurance companies can be the trickiest to deal with when making a claim.

9.     To save money, consider raising the excess figure from for example £100 to £1,000.

10.  Expats! Inform your broker about your foreign residency as post-Brexit changes may impact your insurance coverage.

By following these tips, you can safeguard your UK property investments while avoiding potential pitfalls and costly mistakes. Stay informed, review your policies regularly, and ensure proper coverage to protect your assets.