Building insurance is not just your financial safety net; it also gives you peace of mind, knowing that your property is adequately shielded against the damages that may occur from natural calamities. The damages when disasters strike can be overwhelming and require lots of funds to repair or rebuild the place. At this point, building insurance could cover all such expenses and thus lighten the financial burden on you. Especially in high-risk areas, a building insurance policy is important, as it provides necessary protection in case of natural disaster aftermath.
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- Property Insurance
Property insurance forms the basis of building insurance and covers damage to the structure of your house or commercial premises. It covers all the other important elements of your home or office, such as doors, windows, walls, and roofs. If you live in a disaster-prone area, making sure 'building' is mentioned in your policy is critical.
- Contents and Stock Coverage
Apart from the structure, the contents inside the property, like furniture, appliances, raw materials, and finished goods, are equally vulnerable in case of a natural calamity. The content and stock coverage will cover all these items so you can avoid significant losses. Similarly, if you want to safeguard your residential property, it is vital to ensure it covers your belongings, like furniture, lighting fixtures, and electronic gadgets.
- Additional Coverage
Most building insurance policies have add-on covers that you can tailor to suit your needs. For instance, an alternative accommodation add-on provides for temporary relocation in case the home becomes inhabitable due to a natural disaster. Other types of protection under this cover may include fire, explosion, and storm damage.
A building insurance policy will protect your building structure, your home's content, or both, depending on the coverage you select. Damage done to your property because of natural and artificial calamities is covered under this policy. The standard coverage that all insurers provide for this policy are:
- Fire
- Lightning
- Aircraft damages
- Explosion
- Storms, cyclones, typhoons, hurricanes, floods, tornados, etc.
- Rockslide/landslide
- Water tank/overflows from the tank or pipes
- Missile test operations
- Sprinkler leakage
- Bush fire
Although many add-ons are available, there are specific situations that are not covered under building insurance. These include:
- Damages to property that have been deliberately don
- A manufacturing defect in electrical items
- Older buildings
- Routine wear and tear due to regular facility usage is not covered.
Remember that withholding vital information, like the property’s contents, at the time of the policy's issuance can lead to your claim getting denied when the need arises.
Below are important factors that must be considered when selecting a building insurance policy, particularly for disaster-prone areas.
- Understand your risks. For instance, is your property in an area prone to storms, earthquakes, or floods? Choose a policy offering coverage against those risks.
- Understand what the policy excludes and limits because these may result in less-than-satisfactory coverage in case a disaster occurs.
- It is important to tailor-make your policy to suit your needs and not just rest on a standard policy.
- Review the terms and conditions of your policy time and again to consider your present risks and any change in the circumstances when you initially purchased the plan to ensure your coverage remains relevant and adequate over time.
Natural disasters cannot be prevented, but preparedness can be ensured. Buying comprehensive building insurance will save you from a natural disaster's devastating impact. Your current insurance coverage needs to be evaluated to make necessary changes. Get your residential property or commercial premises adequately insured to avoid being at the mercy of nature.