Building insurance is important. This is because that if you are taking a home insurance then in cases of damage caused to your building, you cannot claim for the building. To ensure that your building is protected against damages and that you get a security against the financial loss.
Building insurance covers the stone, bricks or concrete and the outer or the external roof surface which is made of tiles, slates, asphalt, concrete or any other material that is completely incombustible. It also covers the fittings and fixtures along with any interior decorations. Along with this, any outbuildings which are domestic like garage or swimming pools or fixed oil tanks, tennis courts, gates and fences etc.
Building insurance covers the following perils:
Fire, explosion, lightning or earth quake.
Aircraft or any other Ariel device falling on the building.
Flood, tempest or storms.
Water escape, fixed water tanks or pipes facing frost damage.
Escape of the oil from the domestic fixed oil-fired heating system.
Smoke damage caused due to damage in heating installations.
Attempted theft or theft.
Animal or vehicle impact.
Damage caused by riot, strike, violent disorder or any other person having a malicious intent.
Heave or the subsidence of the site where the building was built.
Falling telegraph poles or trees.
Falling satellite dishes which are aerially fixed for radios and television.
Breakage of fixed glasses, solar panels, sanitary fixtures or ceramic hobs by accident.
This is not an exhaustive list. There are many other coverage given and are specifically mentioned by the insurers terms and conditions. But what must be the coverage amount and how to decide that is matter that requires expertise. Inspecting the building and then committing the valuations is basic way of determining the coverage amount. This valuation is to be done only by professional and trained people. These people carefully inspect the building and then assess the property value.
In case of an under valuation or over valuation, a loss will occur during the time of the claim and the looser can be anyone. It may be the insurer who sits on the loser’s seat. It may be the insured as well! Hence, the necessity of a proper valuation by the trained professionals is advocated. Building insurance is one of the very important breeds of insurance and is required for a safe living.