Owning a building is a privilege few are fortunate to have, but it is also a big responsibility, involving big costs – costs that are scarily high for those without building insurance. And in some cases, building insurance can spell the difference between bankruptcy or financial stability. But what does this insurance actually cover? We break it down for you below:
What Building Insurance Covers
In a nutshell, this insurance covers any fixed structures and permanent fittings . Cover is provided for, but is not limited to, the following:
What Building Insurance Doesn’t Cover:
Building insurance does not cover the items within a building (moveable items). Property owners need Household Contents insurance for this. These items may include, but are not limited to, the following:
For a better idea of what household contents can cover, take a look at our inventory form.
Important Notes to Keep in Mind
Those who have building insurance, must ensure they keep up with regular maintenance of their building. If damage is caused to a building and evidence of lack of maintenance is found to contribute to the damages, insurers may reject claims OR call for contribution to the settlement agreed. This is why it is important to keep a record of any proof of building maintenance (such as pictures or receipts), as this will be useful at the time of claiming.
Those who are taking on building insurance, should take pictures of the current state of their building and send these to their broker, so that they can assess the overall condition of the building they are insuring.
We hope this blog answers your biggest building insurance questions, but for those of you who still have questions, please feel free to chat to a CC&A Insurance broker for assistance.