by Guest » Wed Oct 29, 2008 05:52 am
If you are the proud owner of a home you must have building insurance to keep it covered in case of any harm. Your mortgage lender will also require you to have this insurance so that their money does not get trapped if your home suffers any kind of damage. Building insurance protects your home and saves you the cost of repairing in the event that your home faces any physical damage.
What does building insurance cover?
The structure of your home is what will be covered by building insurance. Usually building insurance and contents insurance are bundled together. Insurance companies often offer discounts if the two types are purchased together. Building insurance generally covers the cost of repairing or rebuilding your house. The structure of the building is covered. This includes permanent fittings and fixtures like wardrobes, kitchens, bathroom suites as well as toilets.
Some policies also extend the cover to outbuildings like greenhouses and garages. If it is agreed upon by the policy terms, then some companies would also cover fences, walls, paths and swimming pools. However, you may have to pay some extra money as premiums for that.
Some policies also extend the cover to outbuildings like greenhouses and garages. If it is agreed upon by the policy terms, then some companies would also cover fences, walls, paths and swimming pools. However, you may have to pay some extra money as premiums for that.
What are the risks covered in building insurance?
Building insurance usually covers any damage to the house caused from fire, flood, storms, earthquake and explosions. Your property will also be covered from theft and destruction, damage from falling trees, collision by vehicles, leakage of water from any pipes or tanks or even oil leakage is covered.
If you have to shift to a temporary location because your home (property) has become unliveable and needs repairing or rebuilding, your building insurance will bear the cost of such temporary shifting up to a certain level.
If you have to shift to a temporary location because your home (property) has become unliveable and needs repairing or rebuilding, your building insurance will bear the cost of such temporary shifting up to a certain level.
Are there any exclusions in building insurance?
Building insurance does not cover every loss that you might face. Certain losses are only partially reimbursed and you (policyholder) will have to pay any excess amount that may be required. Building insurance normally excludes:
- Frost damage
- Contamination from waste or nuclear fuel
- Terrorist attacks
What is the difference between building and contents insurance?
Building insurance is meant to cover the structure of your home from damage. However, if you have to protect the contents of your home from damage, you need to buy contents insurance. If you have building insurance and no contents insurance, the contents of your home will not be covered. A very important factor while getting contents insurance is the value of the goods to be covered.
Building insurance is best for those who own a building. If you are a renter, then your landlord must have building insurance, not you. However, you must definitely have contents insurance if you want to keep your valuables covered. Your landlord's building insurance will not cover any of your property. Only the common property will be covered. When getting building insurance carefully weigh your options and get the right insurance.
Building insurance is best for those who own a building. If you are a renter, then your landlord must have building insurance, not you. However, you must definitely have contents insurance if you want to keep your valuables covered. Your landlord's building insurance will not cover any of your property. Only the common property will be covered. When getting building insurance carefully weigh your options and get the right insurance.
Related Readings
Are there any differences between the contents insurance and building insurance? Is it really necessary?
Posted: Wed Oct 29, 2008 09:05 pm Post Subject: content insurance
I would absolutely have your current agent give you a quote. You should also get a discount on both your renter's policy and your auto policy (multi-policy discount).
Posted: Wed Oct 29, 2008 09:08 pm Post Subject: building insurance
I never thought of that..can get a discount for BOTH? COOL!!! Boy..that's great!! Wherever I can save money, that really helps.
Posted: Thu Oct 30, 2008 12:03 am Post Subject: building insurance and content insurance
Hey Sd...I had to get a renters policy when my husband first bought our home. We were not married yet..was getting hitched in a year..and when the agent came out and went over the policy with us he said my stuff would not be covered since we weren't married and the house was in his name only. It really is cheap and the protection is great if <God forbid, you ever need it.
Posted: Thu Oct 30, 2008 11:33 am Post Subject: insurance
Thanks, FIREYONE. I don't own a home ( as I said above). I don't have to do the 'spouse thing' ( since I no longer have one. Wow....I think I'll see what I can do.
Posted: Thu Oct 30, 2008 11:35 am Post Subject: dont need building insurance
Just another 'tid-bit' from me. I don't think i would need Building Insurance...since the building I live in is an apartment building....Renters only. The building is owned by the county Housing Authority.
Posted: Thu Oct 30, 2008 02:16 pm Post Subject: renters insurance not building insurance
You are correct. If you rent, you need renter's insurance. It provides for your "stuff" and also liability should anyone hurt themselves while in your place.
Posted: Thu Oct 30, 2008 06:19 pm Post Subject: building insurance
I didn't know Cintents Insurance covered liability, too. Good.......sounds like i should get it. I have a lot of stuff!!LOL
Posted: Thu Oct 30, 2008 11:02 pm Post Subject: building insurance
Yes and if you didn't have insurance just look around and try to imagine what it would take to replace the things around you. I always say this to anyone who doesn't carry fire insurance.
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