One of the many insurance products Rainbow can offer is Building and Contents Insurance. This can be set up as Buildings Insurance, Contents Insurance or a combined Insurance.
Buildings Insurance is designed to protect the structure of the building and its permanent fittings. Usually sold alongside a mortgage, Buildings Insurance is a mandatory insurance required by all mortgage lenders. Buildings Cover is designed to pay for specific damages or losses to the structure or fittings caused by an event or occurence, not general maintenance or running repairs of the building.
An example of events covered by Buildings Insurance are fire, explosion, earthquakes, flooding and subsidence. This is just a few of the more widely covered events with list varying from lender to lender. Its always best to check all policy's to make sure they provide the level of cover required.
The amount of cover you generally require is the rebuild cost, this includes the labour and materials, the cost of removing rubble, fees for professionals such as architects and surveyors and other rebuilding costs.
Contents Insurance covers loss or damage to personal possessions while they are within your home. Some policies may also include contents kept in outbuildings, garages or garden areas. Once again it is best to check exactly what the policy covers to ensure an adequate level of insurance.
Contents Insurance is usually sold along with Buildings Insurance, however, it can be sold as a stand alone product. Tenants would be a prime example of a customer who only requires contents insurance.
Rainbow is a trading style of Havering Financial Consultancy who is an appointed representative of Intrinsic Financial Planning Limited which is authorised by the Financial Services Authority