What Does Buildings Insurance Include?
Looking for protection against buildings? You’ve come to the wrong place. So what does buildings insurance include? Buildings insurance covers buildings like homes, offices, or other kinds of buildings against some insurable perils. The building’s location, value, and use will influence the cost and amount of cover you can get.
Buildings located in areas with higher risk of flood, earthquake, and landslide cost more to insure. More expensive buildings cost more to insure too, because they cost more to repair or rebuild.
If the insured uses the building for a specific high-risk purpose it may cost more to insure. For example a refinery can have an increased risk of fire. The types of perils you insure your building for will also influence how much your insurance costs. Most buildings insurance includes the following types of cover.
Buildings Insurance for Acts of Nature
Also referred to as acts of god, buildings insurance covers the insured structure for natural perils such as storms, lightning, flood damage, earthquakes, and landslides (also called subsidence). Your buildings insurance may not cover all acts of nature. Many insurance companies see flood and subsidence cover as extras that you can add on to your existing policy for an extra fee.
If a building is located below the flood line, then some insurers may choose not to provide this type of cover. Building councils may have a map of flood lines in your area drafted according flood averages over recent years. Buildings near coastlines, rivers, and dams are obviously at a higher risk of flooding.
Buildings Insurance for Accidental Damage
Some damage, although accidental, cannot be attributed to a higher power unless that higher power is mom and the accident in the kitchen. Buildings insurance covers accidental damage like fire, explosions, and burst pipes that are not preventable. That is, insurance companies often don’t cover damage that was the result of improper or lacking maintenance.
If the flat roof of your house caves in because water that collected there could not drain off as a result of blocked gutters, the insurer will not pay. Accidental damage that is a result of improper care is not considered an accident.
Buildings Insurance for Intentional Damage
A buildings insurance policy may include cover for intentional damage. That is damage caused by a vandal or a neighbour cutting down his tree on the wrong side of the trunk. If possible, the insurer will recover such claims from the guilty party, but it is comforting to know that you won’t have to foot the bill. Check to make sure this is part of the policy before you sign.
Buildings insurance covers your building, but it can also cover associated fixtures. These include boundary walls, swimming pools, parking lots, garages, and more. Your policy may include cover for Windows and geysers. If an item in the house or office can and should be able to move, then it does not fall under buildings insurance. Movable items should be covered under your contents insurance policy.
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