Building Insurance: Cover for What Covers You

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Photo by Verstappen Photography on Unsplash

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:

  • Structural damage (caused by fires, floods, water damage from burst pipes, storms, falling trees, vandalism)
  • Key/lock replacement (when locks may be damaged by break-ins)
  • Glass Windows (accidental breakage or criminal breakage of fixed glass structures)
  • Sanitaryware (this refers to any baths, toilets, and basins)
  • Disability alterations (making your property wheelchair friendly)
  • Geyser wear and tear
  • Walls, Roof, Ceilings, Doors
  • Built-in Cupboards
  • Electrical fittings and fixtures

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:

  • Electrical appliances
  • Furniture
  • Televisions
  • Beds and linen
  • Curtains, lamps, clothing etc

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.