Building Insurance

What is building insurance? 

This type of cover is for the actual house. It includes fixtures such as:

  • Roof
  • Walls
  • Ceilings
  • Garages
  • Sheds
  • Floors
  • Doors and windows
  • Fitted kitchens
  • Built-in cupboards
  • Bathroom suites

Standard policies should cover damage caused by:

  • Fire
  • Lightning strikes
  • Falling trees
  • Explosion
  • Earthquake
  • Vandalism

It covers your buildings and all permanently fixed structures that are attached to your house and that form the immovable part of your home.

You are able to combine your buildings cover, home contents and car cover. Not only will this provide you with convenience, but will also allow you to make savings.

If you’re getting a mortgage, your lender will insist you’re covered to protect their investment. If you know of any issues with the building, it’s best to declare it as soon as you can.

How do I determine how much I will be covered for?

The insurance premium that you are charged depends on the value of your property. This value determines the premium that is payable and the amount of cover.

If you’re buying a new house for cash then it’s not a pre-requisite to have buildings insurance.

Why is this insurance type important?

This type of cover is there to protect you against any number of natural disasters and eventualities that might occur.

Your building is protected for potential risks such as damage caused by attempted robbery or natural disasters. If you geyser suddenly bursts your insurance cover should be able to provide you with assistance. If you’re asking yourself what constitutes the “building”, you need to remember that if it cannot be moves or if it came attached to the house then it is a part of buildings insurance.

If you’re under-insured and you want to claim, you will unfortunately not be able to get the full value of your claim.

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