Building insurance is very necessary to protect against loss
incurred due to uncertainties. Insurance against fire,
earthquake, theft, storm, lightning etc by the house owner for
his building is called as Building insurance. The building is
insured for a sum and the owner of the property pays a premium
for the insurance. If the building is damaged due to the
aforementioned calamities, the insurance company pays the
insured amount.
In building insurance other assets like permanent fixtures and
fittings, wardrobe, interior decorations etc are included.
Others like garages, fencing, gates, swimming pools may not be
covered, but you can check the policy. A building is an asset
and is to be protected always. Insuring your building would help
you in minimizing your risk and stay in peace. The premium paid
for insuring the building is very low and in case of any
uncertainty the money would be paid. First the insurance company
does valuation of the building and then the property is insured.
In case of any uncertainty the insurance company will have to
pay for the amount insured.
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