It is a condition of every mortgage that you have buildings insurance for your property. This is so if your property is completely destroyed you will still be able to pay off your mortgage.

Whilst that is something no one likes to think about, it is certainly good to be prepared, but check your Home Buildings Insurance carefully, as policies do not always provide the same amount of cover. Some policies cover buildings and contents, and you may find you can get a better deal if you have both from the same company, but that is not always the case.

For example, the excess, which is the amount you pay out of every claim, will differ from policy to policy and there is a big difference between paying £250 for repairs, or paying £5,000 for repairs. Also, some policies include extras like decorating, whereas others don't.

Another difference is that some of the more expensive policies may actually be worth the extra because they will include additional benefits such as alternative accommodation if your home becomes uninhabitable. This can be very important as some repairs can take a very long time, particularly after flooding, fire or subsidence.

If you have a property of non-standard construction, or one in an area prone to flooding, then you may have a problem getting a standard insurance policy. In this case, make sure you get advice and find a company which covers your kind of property.