The most Buildmark will pay out is the original purchase price of the property, as shown on the insurance certificate, up to a maximum of:
£1,000,000 for a newly built home (up to a maximum of £25 million for all homes in a continuous structure).
or
£500,000 for a converted home (up to a maximum of £5 million for all homes in a continuous structure).
The limits are increased by 5% of the original limit on each completion date anniversary, to allow for inflation. Buildmark then deducts any amount it has paid, or is going to have to pay, for claims it’s accepted. You can see full details in the Buildmark Policy Document.There isn’t any kind of excess on the policy, so you don't have to pay towards claims that are accepted. But there’s a minimum claim value shown in the documents.