If you own property it’s essential to get buildings insurance.
Why you need buildings insurance:
Ask yourself if you could afford to rebuild your home if it was seriously damaged or destroyed in a storm or fire. You also need to consider of you would be able to pay for any third party damage as a result of your own negligence in terms of maintenance of electrical wiring or geyser damage etc.
It gives you peace of mind.
Having buildings insurance can help cover the repair of your home and can replace items of value if unexpected events occur.
You are protected from facing financial ruin.
You are protected from lawsuits that could arise as a result of unexpected events.
What is buildings insurance?
Buildings insurance is a form of insurance that covers your home in the event of an event such as a fire, flood or storm and can be tailored to suit your needs.
What you need to know about buildings insurance:
- You should check for cover that provides rental cover for the individual which extends to cover the cost of alternative accommodation until the property becomes habitable again.
- It’s important to ensure that you are insured adequately should a loss occur.
- A buildings insurance policy should pay for the costs of demolishing the building.
- You should confirm that your policy extends to cover personal liability.
- Your buildings insurance policy should set out what is being insured and for how much.
- You need to insure the building for the amount that you will need to rebuild everything. You should look out for policy features and exclusions.
How can I reduce my building insurance premiums?
- Shop around
- Ask about discounts for installing security products
- Ask for discounts
- Ask for a higher excess
- Pay annually instead of monthly