What is Building Insurance? | A Complete Guide

What is Building Insurance? | A Complete Guide
 

Building Insurance helps in repairing damages of you home or property. It also covers other structure of your house such as sheds, garages, as well as the cost of replacing items such as pipes and cables etc.

This includes permanent fixtures such as:

  • roof
  • walls
  • ceilings
  • floors
  • doors and windows
  • fitted kitchens
  • built-in cupboards and bathroom suites

Building Insurance Coverage

Having a building insurance policy, you are protecting the building against damages. In this policy, you can protect your home and belongings also.

  • fire, explosion, storms, floods, earthquakes
  • theft, attempted theft and vandalism
  • frozen and burst pipes
  • fallen trees, lampposts, aerials or satellite dishes
  • subsidence
  • vehicle or aircraft collisions.

A standard building insurance policy cover the damages of your home. In case of serious damages, the insurance company will be responsible to pay expenses for building repairs and entirely rebuilding. Here are the list of coverage that a standard insurance policy should cover:

  • fire
  • lightning strike
  • storm damage
  • falling trees
  • explosion (caused by gas leaks etc)
  • earthquake
  • vandalism
  • vehicle collisions with the building
  • bursting or freezing of the plumbing

What is Building Insurance? | A Complete Guide

What buildings insurance doesn’t cover

While purchasing an insurance policy, you have to read all policy plan carefully. You can ask to the insurance agent to briefly explain you all the things that is under cover by your insurance policy.

These often include damage caused by:

  • leaking gutters
  • some pests (for example, insects and birds)
  • frost (unless it causes damage from a burst pipe)
  • Damage caused by lack of maintenance
  • Damage caused by faulty construction on roofs and buildings
  • Subsidence that has developed over a period of time

You can not claim for damage which happens when you has been left for more than 30 or 60 days. For example, storm damage to gates is also unlikely to be covered. Every policy is vary from one insurance company to another so make sure you read the policy carefully.

When you settle in a new home, you have a lots of belongings with you to shift from old home to the new home. To secure these belongings from damages and risks, you need to purchase a home contents insurance to protect. Before purchasing any insruance policy plan, always keep in mind to look at your needs and how much your contents have worth. Sometimes you need to settle quickly in your new home and you don’t always have time to show your purchase contract to your financial adviser. So make sure that you include a bank proviso in that purchase signed contract. Financial advisor will help you in cancelation of purchase house even after the contract is being signed.

Calculate Buildings Insurance Cover

Building damages and rebuild costs do not remain constant all the time. There are so many tools and techniques to calculate the actualy cost of your rebuilding a house. There calculators costs always vary from time to time but tools and techniques ca give you an idea of weather your buildings insurance is adequate or not. For accurate measurement of costs, contact your local surveyor can give a better idea rather than these other tools.

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