Buildings insurance is not only a necessity for homeowners with a mortgage; it's a requirement. The amount of coverage should allow for the assessed value of rebuilding the damaged or destroyed property. For permanent structures, this number is found in the valuation report, which can be provided by your local estate agency. If you are under-insured, it can affect coverage in the event of damage. It is important your buildings are covered from the first day you accept responsibility or ownership for your property.

Buildings insurance is available for both structural aspects of your property, as well as permanent fittings and fixtures. This often includes sub-structures such as garages, storage sheds, greenhouses, fences, and driveways. Premium costs are dependent upon type of property, where it is located, and how big it is.

Often mortgage companies direct homeowners towards providers that can cover the owner's needs, but it pays to look around for the best rate.

Even if you do not have a mortgage, it is recommended that you have buildings insurance to cover the possible hefty costs if something were to damage your property. Coverage usually includes loss or damage as a result of weather (storms, wind, flooding, lightning, extreme cold), natural disasters, purposeful harm (theft, vandalism, arson), and accidents (fire among others).

Often, your policy can be extended to cover interior damage, or can be combined with a contents policy to protect your personal items. By spending just a little time to compare quotes, you can save a lot of money and trouble on premiums.