They say that home is where the heart is, and covering your biggest asset is as important to us as it is to you. Your home faces various risks every day and it can get very costly to replace some of the bigger structures in your home! Not everyone knows that building insurance differs from home or household content insurance.. Building insurance is the cover that you take out on the physical structures of your home, whereas household covers what is IN your home, like the TV, couch, fridge, etc.
You may presume that it doesn’t happen that often, but the truth is, when it rains, it pours and can you afford to pay out a massive lump sum for when something does go wrong? But just what kinds of risks are we talking about?
From flooding from a huge storm, burst water pipe or even geyser, water damage is one of the most frequent occurrences that impacts a home. Fire is right behind it, from a raging wildfire to an electrical fault in your home or even that heater catching one of your curtains. Lightning is also one of the top reasons for claim submission in South Africa as it can have a huge impact on the electrical integrity in the home. Building insurance will also cover the structure of your home, so if a drunk driver plows through your wall at 3am, you won’t need to fork out to rebuild your wall.
What is Covered in Building Insurance?
Building Insurance covers the structural parts of your home.
- Swimming Pools
- Permanent Fixtures
- Gate Motors
- Heating Installations
- Water Pumps