Buildings insurance (a type of home insurance) protects you against the cost of repairing or rebuilding your home from scratch, should it get damaged. This could be due to fire, flood or subsidence.
Most lenders require you to have buildings insurance when you get a mortgage.
If you buy a leasehold flat, the building might be insured by the landlord who owns the freehold. Your solicitor will advise if you need to take out buildings insurance as part of your lease.
You should also consider contents insurance to protect your belongings. These can be purchased separately or together under the same policy.
Buildings insurance typically covers:
Buildings insurance may not cover:
As an optional extra, you may want to consider home emergency cover. You may be able to buy this as an add-on to your buildings insurance or as a separate policy.
If you’re renting, you don’t need to worry about buildings insurance, as this is your landlord’s responsibility. But you should consider contents insurance to help cover the costs of replacing possessions if something happens to them.
Contents insurance, sometimes known as renter’s insurance, typically covers:
Contents insurance may not cover:
You can usually get additions to your policy to cover items you take outside your home, such as laptops, jewellery, and mobile phones.
HSBC Home Insurance is provided by Aviva Insurance Limited. Exclusions and terms and conditions apply.