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Building insurance, also known as building insurance or property insurance, is an insurance plan that protects your home, building, or business from damages. This insurance plan completely covers the loss caused by natural fire, theft, or other types of damage. Let us tell you that this insurance plan not only protects your building, but also ensures your mental peace. Because you know very well that if anything goes wrong, you have a strong financial security.
• Types of building insurance.
1. Home insurance: Home insurance plan covers your residence very well. This insurance plan completely covers the damage caused to your property due to natural disasters, fire, theft, and other incidents.
2. Commercial building insurance: If you have a commercial building, then this insurance plan will work like a safety shield for you and your property. Because this plan has been made available for commercial purposes. Such as shops, offices, or large warehouses.
3. Tenant Building Insurance: This insurance plan is for those property owners who rent out their property. Let us tell you that this insurance plan not only covers the property but also completely covers the damage done by the tenants. And this is a big deal for the landlord, because often the tenants cause some damage to the building. Which the landlord has to compensate, in such a situation, the Tenant Building Insurance Plan completely covers the damage done by the tenants.
4. Specialist Building: This insurance plan has been made available for historical buildings or special types of structures.
• What does building insurance cover
1. Natural calamities: Damage caused by events such as earthquake, flood, storm, lightning are called natural calamities, which is completely covered by building insurance.
2. Fire and explosion: Damage caused by events such as lightning or explosion are called natural calamities, which is completely covered by building insurance.
3. Theft and vandalism: Damage caused by events such as theft, robbery, or deliberate damage are called natural calamities, which is completely covered by building insurance.
4. Other damage: Damage caused by accidental events, such as vehicle collision, falling of walls, or other external events are called natural calamities, which is completely covered by building insurance.
• What is not covered in building insurance
1. Wear: Building insurance does not cover the normal wear that occurs in a building over time.
2. Intentional damage: If you intentionally break your building or cause any kind of damage, then the insurance company does not provide coverage for it. So do not intentionally damage your building.
3. Building construction defects: If there is some deficiency or defect in your building construction, then the insurance company does not provide any coverage for it. So take care of every thing while constructing your building.
4. Some special natural disasters: Natural disasters like tsunami, volcano, explosion etc. are not covered by the insurance company. But if you want, you can take additional insurance plan for these incidents.
• How to choose building insurance
1.Insurance amount: Your insurance amount should be determined as per the cost of reconstruction of your building. This means that whatever cost is incurred in reconstruction of your building, the insurance amount will completely cover the cost of your building.
2. Selection of insurance company: Choose a reliable and reputed insurance company. Which has a past record of very good claim settlement, before taking insurance, ensure how good is its customer service. Do a thorough research about the company from which you are taking insurance and then take the right decision after thinking carefully.
3. Comparison of premium: Before taking a B My plan, compare the premium rates of different insurance plans. Before taking an insurance plan, definitely check whether the company whose plan you are taking will be able to provide adequate coverage. Avoid taking an insurance plan with a low premium in a hurry, because an insurance plan with a low premium will not be able to cover your building completely.
4. Exclusions and Conditions: Please read the exclusions and conditions of the company from which you are taking the insurance plan very carefully. Because sometimes the insurance company makes you accept the wrong member. However, good insurance companies do not do this. Therefore, before taking your insurance plan, make sure whether you will be covered with adequate insurance amount.
5. Add-on cover: Many times the insurance company provides special taxes for natural disasters. You can include it in your insurance plan according to your needs.
• How to make a building insurance claim
1. Inform the insurance company: As soon as possible, inform the company from which you have taken the insurance about your loss. And compensate for your loss as soon as possible.
2. Collect evidence: Collect evidence of your damage as soon as possible. Like collect photos or videos. And get your chest evaluated by a professional as soon as possible. Apart from this, if possible, keep someone ready as a witness, this will make it easier for you to get justice.
3. Fill the claim form: After informing the insurance company, if you have collected all the evidence, then complete the claim application process as soon as possible. Get the claim form from the insurance company as soon as possible and fill it with all the required information and submit it.
4. Claim processing: If you have filled the claim forms, the insurance company will examine your claim and appoint a surveyor as required. Now if your claim is found valid, the company will pay the full cost of rebuilding the building. If you have a building, then having building insurance is as important for you as wearing a helmet while riding a bike. To protect yourself from future uncertainties, taking building insurance can be a great wisdom for you.
Because it not only protects you from natural disasters and other unexpected events, but also ensures the safety of your investment.By the way, let me tell you that if you have taken building insurance, then do not forget to review it on time. Because the value of your property can increase or there can be improvements in it, you have to keep updating this thing
Video credit by- BM infoguide
