FAQ Insurance

Building Insurance

Building Insurance

When the structure of your property has been damaged or your home has been lost to fire or natural disaster, isn’t it safe to say that having building insurance would make life a whole lot easier, especially when it comes time to repair or rebuild the property.

The costs to repair the damage or to reconstruct your property doesn’t need to be a financial burden, if you’ve taken out building insurance. Building insurance cover does differ so it’s important to know if you want to take out current market value insurance or fixed value insurance.

Unfortunately market value can rise or fall depending on the salable value of your property, and because of it’s unfixed nature your building insurance might fall short and this won’t cover the costs to rebuild your property.

By talking to a mortgage lender or insurance company they can discuss with benefits and risks involved depending on the type of  building insurance cover you take out. Taking out 100% insurance cover gives you the peace of mind that no matter if the damage is minor or major it will cover the full replacement costs.

This is why mortgage lenders insist on you having building insurance, because they want their loan to be secure and your asset to be protected. Read more »