Building or Structural Insurance

Why you need building insurance?

In essence it is common sense to insure what is probably your largest asset. In the event of damage to your property, for example by a fire, having no insurance means the entire cost of rebuilding must be met from your own pocket.

For those with loans against their properties, it is often a condition of the bank that building insurance is taken out and that the bank itself is named as an interested party. Please note that it is not compulsory for you to have your insurance with the bank or lender – often their premiums are in excess of those available from insurance companies via your broker.

How to insure your building

Calculating your sum insured for the building is one of the most important parts of obtaining this cover.  When calculating the sum insured required the buildings insurance should adequately cover the cost of rebuilding, demolition, site clearance, architects fees and temporary accommodation.  Should it not be sufficiently insured, under insurance would apply at claims stage.

What is buildings Insurance?

Buildings cover insures your property for the cost of rebuilding or repairs if it is damaged or destroyed.  Buildings insurance covers the cost of damage to the structure of your property – it usually includes such items as:

  • Roof
  • Walls
  • Ceilings
  • Floors
  • Doors
  • Windows
  • Geysers
  • Outdoor structures such as garages and fences are also included
  • Permanent fixtures and fittings
  • Interior decoration that is fixed to the structure (built in cupboards, fitted carpets, blinds, etc)
  • Underground tanks, pipes, cables, and drains

What does building insurance cover against?

Your buildings insurance will normally cover against risks such as:

  • fire
  • lightning, storms and flooding
  • theft or attempted theft
  • malicious damage or vandalism
  • freezing or bursting of any part of the plumbing system
  • burst geysers
  • falling trees, lampposts, aerials or satellite dishes
  • subsidence and landslip
  • impact by vehicles or aircraft

What you building insurance might not cover?

  • Exclusions within the policy
  • Any excess payable
  • Normal wear and tear
  • Where reasonable steps were not taken to take care of the property
  • Some policies may contain subsidence or flood exclusions
  • Where there is a limit against one specific item

Incompass can assist you in getting the correct and most affordable cover in place to comprehensively insure your building.

Contact us for a non-obligatory quotation