Building Insurance For Your Biggest Investment
Buying ones first home leads one to do quite a lot of research regarding home and household insurance as I have recently discovered. With so many different home insurance products on the market it is important to take ones time to research the different options available in order to get the most comprehensive cover.
Building insurance in particular is a plan which insures the actual physical building of your home or business, it protects it against damage. Whereas household insurance is the insurance of your personal possessions within your home, and liability insurance is the insurance taken out in the event that some hurts themselves on your property and wants to hold you accountable for the incident. In this article however we will be looking more closely at building insurance and what exactly you are covered for when taking out this type of insurance.
As mentioned previously, building insurance is the insurance of the physical structure of your home, including any other physical structures on your property such as your garage, pool or servants quarters, and the boundaries of your property. Building insurance also covers the permanent fixtures to your property such as taps, sanitary ware such as the toilet bowl and hand basins, geysers, light fittings, mounting brackets just to name a few.
It is common thought that building insurance is not such an urgency or necessity, because damage to the actual building is more unlikely to occur and therefore many people in an attempt to keep expenses low would opt for taking out insurance for their household contents, which seems to be more liable to risk of damage or theft. People spend a lot of money on household goods, which add to the comfort of their lifestyle, yet these individual products can easily be replaced and the loss of them at any given time would cause only a slight discomfort depending on the item. Yet the cost of fixing damage to ones property is so much higher and the inconvenience so much more than people realise.
Some of the events building insurance covers are these; fire, storms and flooding, explosions, power surges and electrical faults, bursting or the overflow of geysers, fallen trees, earthquakes or other acts of nature, vandalism or malicious damage, as well as impact.
If one of these events should occur, the costs of damages could run well into the tens of thousands. Many of these problems would have to be dealt with immediately to stop further damage or to make the house liveable for its occupants again. The total cost of fixing the damages plus the costs of relocating, and putting ones things in storage tallies up to a sum of money, which can be a very heavy financial burden.
Building insurance, is necessary when taking out insurance on your home, your house is your biggest investment, and should be properly maintained and insured in the case of anything happening. Make sure to get as much information about building insurance, and speak to a company which offers other benefits, such as maintenance plans or free storage in the event that you need to leave your house for a period of time. Shop around to see where you can get the most comprehensive building insurance, and protect the house which protects you.
For more information about building insurance visit the website http://www.isureins.co.za
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