If you have just bought a property with buildings already in it or are intending on building fixed structures, you probably need to have insurance. The purpose of building insurance is to safeguard your property from damage as a result of nature or human actions. This insurance covers the structure itself and not the things in it. A different insurance cover will protect the things inside the building. There are some different options when it comes to building insurance ad each type will cover you for different damages.
Loss and damage insurance is one of the various kinds of insurance covers. This type of insurance covers you against acts of nature. This means you are covered against damage caused by natural disasters usual weather patterns like lighting strikes or rain damage. This cover will also protect the other buildings associated to your home.
The ordinary accidental damage cover can be made part of the building insurance. This cover will protect the accompaniments to your building such as solar systems and gasses in the windows.
Those of us who are lucky enough to own more than one home and rent out the additional properties, can invest in building insurance to protect the building but not the
tenant’s properties. The tenant properties are in their care but not the landlords. However tenants tend to cause considerable damage to property, and building insurance can cover the cost of repairs. Legal and maintenance cover can also be made part of this insurance. Those living in your property should take insurance cover to protect their possessions against damage.
The other type of insurance is the builder risk. In this kind of insurance, the building is protected against damages that would occur when it is still under construction. That way should a violent storm cause damage to your building before it been completed, you do not have to pay for repairs out of your pocket.
There are many other types of building insurance available, which you decide to opt for is dependent entirely on what you intend to do with the building you are insuring. Old houses with some historical relevance will only be insured for an estimate as no one is sure about their worth. The cover will be for the house value and not for replacing the building.
The charges for a commercial building will be determined by the nature of the business to be carried out. The purpose of the building cover is to help you get your building on track when harm occurs to it without investing a lot as the owner. The buildings that housing business that are more riskier will be charged more for the cover.