What happens when you have a disaster relating to your building? Building Insurance is there for your peace of mind and is for any person or company who or which owns a building. The purpose of this insurance is to cover you, the owner, from any loss or damage to the building structure and building fixtures.
Domestic Building Insurance is there to replace or repair the whole or any part of the building which is damaged, in the event of a sudden and unforeseen insured event. This should not be confused with issues relating to poor maintenance of the property or wear and tear, as this is excluded.
Bob has excelled at his career and has decided to purchase his first home. Before Bob can take ownership of his new home, the bank requires confirmation of building cover from his insurer and he is able to obtain this via his broker. He had been under the impression that his building insurance had to be arranged through the bondholder which is a common misconception.
After speaking to his broker at Quattro Sure, Bob was given the option of adding building cover to his existing short-term insurance policy or starting a separate building insurance policy altogether; and he has decided to add the building cover to his current policy due to the preferred rates provided when combining his assets under one policy. In addition, the building cover offered by Bob’s broker and insurer was much wider, and more beneficial than the standard covers that were offered by the bondholder.
Six months after taking occupation there is a massive storm. Unfortunately, due the gale-force winds, a tree in Bob’s garden blows over and lands on his house. The damage is extensive. Upon investigation, Bob walks into his kitchen and notices that a window has shattered; there is also a large crack in the wall; debris and tree branches have fallen through the ceiling, damaging the Caesarstone counter-tops and kitchen cupboards, as well as Bob’s brand new microwave. There is also water damage to the Bob’s gate motor. Bob calls Quattro Sure and his claim is handled effortlessly.
The following was covered by Bob’s insurance company:
The purpose of Building Insurance is to provide cover for any structure that is owned by an individual or a business.
Any person or company who/which owns a building under finance will need to prove they have Building Insurance. It is advisable to work with your broker to ensure you have adequate cover.