Superquote Terms - Buildings

When you are insuring property, such as your home insurance or a business insurance policy which includes property (e.g. shop insurance), you often need to provide a valuation for the building.  More often you are required to supply a rebuilding value as this is the cost to an insurer of a total loss on a property.  In some cases, insurers calculate a premium based on the value of a property.

What is included in the definition of the building of a property varies from insurer to insurer and so it is important to check what you are covering.  As an example, an insurer may define a properties main building, swimming pools (possibly jacussis), ponds and fountains, hard standing areas (for example terraces, patios, drives, footpaths) walls, fences, gates, hedges and fixed tanks providing fuel to the property.

For the purposes of home insurance, it is common for an insurer to include fixtures, fittings and decoration as part of the buildings.  If you imagine a giant hand picking up your home and shaking it, whatever falls out is contents, but what remains can often be included in the buildings insurance coverage.