Buildings insurance is worth some serious money

If you own a building of any kind, then you hardly need convincing of its value and the cost of repairs and maintenance. In fact, as a property owner you know better than most the true value of insuring your assets. You understand that people who own buildings need to get their hands on building insurance. But what about those who don’t consider this type of cover to be important or necessary?

Before we talk about what buildings insurance covers and why you need it, let’s first look at why buildings insurance is often underrated.

Believing there’s no risk

It’s a beautiful thing to live with optimism. You know, to live in a world where there are unicorns, rainbows, and smiles. And of course, life is beautiful. But it’s also shaped by the good and bad.

Right, that just got super philosophical. What we’re trying to say is that there are some people who have a touching faith in the idea that bad things won’t happen. A tree won’t get hit by lightning and fall into through your kitchen. A car won’t reverse into your boundary wall, knocking bricks and debris into your pool and damage your pool equipment.

But it does happen and the costs are always going to be much higher than you thought. Always. If you think a buildings-related cost is R10,000, just go ahead and assume that it’ll really come to R30,000.

Insurance is too expensive

Buildings insurance, like any other type of risk protection, can be expensive. But it depends on who you insure with.

The key is to not settle for (or be disappointed by) the first quote you get. Make sure you shop around and compare quotes from top insurers who have a good history of paying out claims. You can also ask for a discount if you insure other assets with the same insurer, like your car or home contents.

Your cover doesn’t have to be expensive and when you compare your premiums to the cost of repairs, the difference pales in comparison.

You only need it if you have a bank loan

Look, buildings insurance covers the permanent structures on your property, like your house and its outbuildings. And this is true whether your house is paid off, paid for via a loan that doesn’t require you to get insurance, or paid for with a bank loan.

That’s because fire, flood, and other disasters (natural or intentional) will happen whether you’re covered or not. So, you only need buildings insurance if you own a building, and not because the bank requests you to do so.

Speaking of all the disasters that can befall your buildings, let’s look at all the things that buildings insurance covers. This way, you’ll have a better understanding of why you should bother with this type of insurance.

What buildings insurance covers

Building insurance covers the financial implications of the structure of your building being damaged from natural disasters like fires and floods. And not just the structure, but also the fittings, fixtures, and improvements.

Let’s move away from ‘natural disasters’ for a minute and talk about internal ‘oopsies’. Like leaking, bursting or overflowing heating systems, geysers and pressurised water pipes. Buildings insurance also covers loss or damage caused by these incidents, such as replacing your carpets or ceilings because of a burst pipe.

So that’s a look into your house. What about outside of it? Buildings insurance covers things like driveways, walls, garages, fences, patios, swimming pools, swimming pool boreholes, spa pumps, gate motors, tennis courts, underground pipes, and cables. These items are covered against a range of incidents, including damage from falling trees, power dips and surges, and even airplane crashes or items dropped from airplanes.

Get a quote

It’s pretty clear that buildings insurance isn’t really something you want to be without. Life can indeed be sweet and rosy, but things happen, and you don’t want to be left fending off the bills on your own. Or worse, paying off a loan on a house that no longer exists.

So, go ahead and take a moment to get a super affordable buildings insurance quote, perfect for your wallet (and humble abode).