Buildings & Contents: Protection for both

2007-03-08 10:33:40

( Insurance )



CAN’T HAVE ONE WITOUT THE OTHER

Building and contents should go together. If you are going to insure one, might as well insure both of them. This is especially true for homeowners who have worked so hard to afford a place of their own.

Buildings & contents insurance refer to a policy that provides coverage for your property and its contents in case they get damaged or stolen. Buildings & contents insurance are especially recommended for households living in disaster-prone areas. These are areas where hurricanes and tornadoes often pass.

When you live in these areas you cannot afford not to have buildings and contents insurance because when disaster strikes and your home is destroyed, you might not be able to afford replacing the damage by yourself.

You have the option for taking out separate policies for the house structure and for the things that are inside it. However, there are integrated buildings & contents insurance that might work for you.

RISK ASSESSMENT

The premiums of a buildings & contents insurance depend upon the risk of actual damage to property. Insurance companies will charge more for disaster-prone areas precisely because of the higher probability of damage. Be careful though, and make sure that such disasters are indeed covered in your buildings & contents policy because some policies require a separate insurance purchase for disasters such as floods and tornadoes. If you are not covered for such events that occur often in your place, why get insurance in the first place?

Those living close to emergency response units like police station and firehouses may be charged lower premiums because the proximity to rescue and response units give the home some level of protection from theft and fire, both of which are normally covered in a buildings & contents insurance plan.

Having a buildings & contents insurance does not prevent misfortunes if they are bound to happen. They just make sure that you have a means to cope with the accident, should it actually take place.


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