As all homeowners will tell you, buildings insurance is a compulsory condition of a mortgage. A mortgage company will insist that the property is covered and will offer a policy usually at a discount for their mortgage customers. However, the compulsion is on the purchaser acquiring a buildings insurance policy rather than getting one through the mortgage company. The mortgage company offer the discount, knowing that once the purchaser has taken up the policy they are unlikely to change. However, there is nothing to stop you changing insurer at anytime.
So what does buildings insurance cover? As you would expect a buildings insurance policy will cover the property itself plus the permanent fixtures and fittings like bathroom suites, fitted kitchens and built-in wardrobes. In addition, outbuildings are usually covered. You should check the individual policy, as something that is automatic on one policy may be an additional benefit on another.
The buildings insurance will cover against many things including fire, falling trees or branches, malicious damage, storm and flood damage. There are some more exotic causes of damage like earthquakes and aircraft. As usual you should check your policy for an exhaustive list. If in doubt ask your insurer directly.
A buildings insurance policy will have some exclusion clauses, limits and excess amounts. It is important you understand what these are and what they mean. The specifics will vary from policy to policy. An exclusion clause specifies something that is exempt from the policy. This could be anything from frost damage to war. Exclusions are pretty standard across most insurers but you should check your policy. There will be some clauses in the policy that have an excess applied. This is where the homeowner is responsible for the first portion of the cost of any repairs. It is a common feature although the amounts will vary from policy to policy.
If the worst happens and you need to make a claim or take action, then most insurance companies will have an emergency help line. Always try this first as it could considerably reduce the stress and worry involved when something happens to your property. If for some reason you can't get through then take whatever short term measures you can to limit damage. You are likely to be covered for these in any case and whatever the policy says the less damage the better.