What is landlords buildings insurance and how much do I need to insure my buildings for?
Buildings insurance covers loss or damage to the structure of your property and any outbuildings and private garages that belong to it. This means things like your roof, walls, windows and doors are covered.
You need to insure for the actual rebuild value of your property not the market value. The rebuild value should include things like fixtures and fittings, internal decoration, fences and gates, and any paths, driveways, underground pipes and cables that either belong to you, or that you're responsible for. Also include things like site clearance, labour costs, and so on.
If you're unsure what the rebuilding cost should be, you can obtain this from a qualified surveyor or your property survey (if recent).
You must make sure that the rebuilding cost is correct to avoid any claim payment being reduced because of underinsurance.