Insurance, Claims & Accidents

There are many types of insurance out there and it is easy to become confused. One of the topics that can be somewhat confusing is buildings insurance. This is really quite broad if you think about all of the types of buildings out there and, naturally, not all the policies are the same.

Here are some key things you must know before buying buildings insurance. First of all, you need to know what type of insurance you need. Are you going to cover the structure itself? Is it a residence? Is it a rental property or office building?

As an example, I will use the example of an office building. As a landlord or building owner you have a great deal of things to consider when purchasing buildings insurance. First of all, do you want buildings insurance alone or do you also want contents insurance? Typically, tenants have their own insurance unless the building in provided furnished.

You will also need to know how much insurance to buy and this can be tricky. Do you want to insure the value of the building, i.e. what it is worth on the real estate market or do you want to insure it for the replacement value. Most insurance companies will tell you to insure the building for the replacement value.

I would recommend contacting one of the members of the Royal Institution of Chartered Surveyors before you begin. They can help to establish a professional rebuilding cost assessment and explain further what you need to do.