House Building Insurance – Protecting your Property

2007-03-08 10:33:40

( Insurance )



When it comes to getting a home insurance, it will benefit you to understand what a house building insurance is and why it is important to get one. A house building insurance policy covers your house together with structures and fixtures in your house such as walls, fences, gates, garages, patios, terraces, swimming pools, pipes, drains, cables, etcetera. This is different from a content insurance policy, which covers your possessions like furniture, home theater system, personal computer, paintings, and the like.

Content insurance protects the homeowner in case of theft or damage to valuables and possessions. A house building insurance protects the homeowner in case of property damage caused by fire, earthquakes, lightning, explosion, storm, flood, malicious damage and other accidental damages.

Although getting a building insurance is optional when you buy a house, it would be a wise decision to take. Should anything happen to your property, a building insurance policy will assist in repair or reconstruction. Depending on the extent of damage to property, you can suffer a significant loss. Having a building insurance policy in place assures you of financial support when the unexpected happens.

You can purchase your house building insurance from your mortgage lender, especially if they can give a very competitive rate for buying their insurance. However, you can also buy a house building insurance from a third party.

If you already bought insurance from your mortgage lender, you may still be able to switch to a different insurer. Shop around for better rates and then ask your mortgage lender if they will permit you to switch. For a commission, some mortgage lenders can even arrange with an insurance company to provide you with building insurance.

When looking for insurance, define your requirements first. The best insurance is one that fits your needs. Make sure that you read and understand fully the details, conditions and exclusions of the home building insurance policy before you make a purchase.


All rights Reserved © Tradenet Services srl
Do not duplicate or redistribute in any form.