Building Insurance

Being a landlord or house owner, it is wise to ensure that your building or house has Buildings Insurance. Buildings Insurance will cover your property against damages from natural and man-made causes. Grabbing the opportunity to insure your structure will not only save you from headaches later on, but will also save you time and money.

What is Buildings Insurance?

This is an insurance that covers buildings or houses against damages caused by natural calamities like earthquakes, floods, fire, storms, water leakages, or from man-made damages like third part vandalism and damage.

Before your mortgage would be approved, you are required to obtain first your Buildings Insurance to serve as collateral in case natural and man-made damages occur. In most cases, a Buildings and Contents Insurance is needed before your mortgage is approved. Your insurance will not only protect your mortgagor, but would protect you as well. Buildings and Contents Insurance are often included in your Home Insurance.

Buildings Insurance Coverage

Generally all Buildings Insurance covers the following structures in your building or house:

Within your house

• Structural parts like - roof, walls and ceiling

• Permanent fixtures found within the house like built in wardrobes and kitchen

• Decorations, like paint and wall paper

• Pipes and cables

Within the boundaries of your property

• Walkways

• footpaths

• Gates

• Fences

• Hedges

Contents Insurance

A related insurance that landlords may require their tenants to purchase is the Contents Insurance. You can avail of them separately or together. The Contents Insurance covers the content of your building or house, such as appliances, furniture, jewellery, and clothing. Additional items could be insured depending upon what is specified in your insurance.

Remember that the insurance would only consider your claim valid if the event happened beyond your control. In cases of accidents that you have cause, there are additional insurance coverage plans that you can opt for.

Examples of events covered by the Buildings Insurance

• Fire

• Inclement weather

• Lightning

• Landslip

• Explosion

• Glass breakage

• Water or oil damage

• Shock caused by vehicles, aircraft or animals

Aside from the Contents Insurance you can add to your Building Insurance, you may want to cover also the following;

• Personal belongings - This covers personal belongings that are damaged or stolen in the house, such as computers and similar items.

• Accidental buildings and contents damage - This covers damages you have personally caused by accident.

• Home emergency - This covers cases of emergency within the house where you can call for a trouble shooter, who is skilled for the type of emergency, for free. It has a maximum amount covered however, so inquire from the insurance company first before adding it to your Building Insurance.

Cost of Buildings Insurance

The cost of your Building Insurance will depend upon the risk category that the insurance company has classified your area. You may want to compare prices first of the different Building Insurance companies before choosing one. You could also evaluate the additional aspects that the insurance includes.

Making sure that your building or house is insured against damages is a smart move. Adding Contents Insurance to your Building Insurance will assure you that your building and your home contents are adequately covered against damages and theft.