Home insurance is vital and more importantly getting the right kind of cover is essential. Scores of homeowners do not do their research and end up with policies that do not cater for the specifics of their own home. Buildings insurance is one type of insurance that is often overlooked. As well as providing for problems with the structure of your home, buildings insurance gives cover for permanent fixtures and fittings such as baths, toilets and fitted kitchens. Policies usually include garages, garden sheds and greenhouses as well as boundary walls, fences, gates, paths, drives and an outdoor swimming pool.

This type of 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. Some insurance companies offer unlimited cover. This means you don't have to worry about how much cover you need or whether it is adequate. Other insurers offer premiums based on a simple assessment of where you live and the type, age and size of your property.

Common exclusions are storm damage to gates or fences, frost damage and structural damage caused by sonic bangs from aircraft. Find out what these exclusions are before selecting your policy so that you do not have any nasty surprises.

Once you've bought a satisfactory policy it's essential that your cover remains up to date and adequate. Most insurers automatically index-link your sum insured to take into account changes in rebuilding costs – but double-check that yours does. If you improve your home – perhaps by installing central heating or building an extension, tell your insurer. The sum insured will probably need to be adjusted upwards. And shop around for alternative quotes when your policy is due for renewal. You could find a better deal elsewhere.

Remember that when you are looking for buildings insurance, make sure your buildings insurance policy starts from the day you sign the contract, not the day you move in. You are legally bound to buy the house once you've signed the dotted line. If anything happens to the house between those dates, you may be greeted with a pile of rubble and no insurance payout.

Additionally, it is important to make sure that you do not insure your home for too much or too little. If your home is insured for too little, your policy might not pay out enough for the cost of repairing or rebuilding it if is damaged or destroyed. If it is insured for too much, your premium will be higher than necessary and you will not get any extra benefit if you have to claim as you are only covered for actual lost.