Building Insurance
Buying a home can be quite a complex and daunting process. It is very important for home buyers to be well prepared by seeking advice and getting acquainted with relevant information relating to the ABC’s of property buying, home finance and even insurance requirements involved when purchasing their home.
home owners insurance
Home Building Insurance is a necessary and important requirement in the Home Finance Application Process. This covers any damage to your house, caused by occurrences such as Leaking Pressurized Pipes, Burst Geyser, Acts of Nature, Explosion, Subsidence, and Fire Perils. At times may even include cover for the cost of calling out services like Fire Brigades and even Arrangements of Temporary Accommodation after an incident has left the home uninhabitable.
Home Owners Insurance covers any destruction or damage that may occur to areas like interior and exterior of your newly acquired home, loss or theft of possessions, and may includes Personal Liability for harm or injuries to others (third-parties).
Understanding Home Owners Insurance
Insurance may often be a compulsory requirement by banks and lending institutions for home buyers to have in place before or after the home loan application process. This normally includes the following types of insurance Home Owners Insurance – this type of insurance cover is used to protect the bank’s financial interest which results as a direct consequence of the the Home Loan Disbursement made to acquire of the new family home. It covers against the unforunate misfirtune occurances that may result to various types of losses, including loss due to theft of possessions or damage to the physical structure of buildings.
Other insurable perils that may also be covered under the same or seperate insurance covers include damage due to fire, plumbing faults and natural disasters alike (flooding, lightening strikes, land slides, earthquakes) etc.
What is generally covered under this type of insurance?
- Building (including outbuildings)
- Fixtures and fittings
- Water, sewerage, gas, electricity and telephone connections including geysers.
- Walls
- Gates
- Fences
- Garages/car-ports
- Floods & water damage
- Power surges
- Malicious damage
- Break-ins
- Fire, lightning, explosion
- Malicious damage
- Storm, wind, hail, snow or flood
- Earthquake and earth tremor
- Bursting, leaking or overflowing
- Impact
Building insurance policies generally covers damage to the interior and exterior, loss or theft of possessions, and may include personal liability for harm to others.
For protection of house contents against perils theft, intentional damage, damage that may result from elements like power surges or a burst geysers including damage by fire, lightning natural disasters like storm, hail and floods.
Generally taken on the life of a breadwinner intended to provide for dependents in the the event of the passing of a breadwinner. This helps to ensure continuance the lifestyle the family was accustomed to even after the passing of the breadwinner.
Buying property forms part of a family’s wealth creation process. This on its own creates a need to make provision for equitable distributed of this wealth amongst dependents in accordance with a structured and legal framework. This process is called a Will.
