|Insurance is one of the most essential thing thing in every body's life. Everyone needs to have an insurance policy for his or her life and properties. If a person having a life insurance policy dies suddenly his or her family members get a particular amount of money as compensation. Similarly if a person ensures his or her house, he or she can claim for compensation if any kind of damage occurs to it. Your house can get damaged in any way, for any reason, which could be a great loss for you. So you need building insurance so that if anything bad happens to your house you can repair it and if you loose anything it can be replaced.
Building insurance is one kind of home insurance, which is again a vital part of general insurance. There are thousands of companies across the world that offer building insurance facility to people and cover all kind of damages that might occur to residential properties. Building insurance has proved to be one of the most essential things for people and that is why the companies offering building insurance are now earning huge revenue by serving their clients throughout the year.
You just need to pay a fixed sum of money as monthly or yearly premium for your building insurance policy and get entitled to get compensation for any kind of damage to your residential property. When you claim for compensation, a surveyor would be send by the insurance company and after assessment of the extent of damage they will pay you compensation.
Damages that are covered by building insurance are given below:
Damage due to fire
Damage occurring to house as an effect of riot,strike
Damage due to any kind of explosion or implosion
Effect of earthquake
Damage to house or electrical,equipments due to lightning
Damage occurring due to storm, cyclone, tempest, tornado, hurricane, flood and inundation
Damage due to impact by vehicles
Damage due to missile testing operation
Damage occurring due to subsidence, landslides and rock slides
Damage caused by leakage from automatic Sprinkler installations
Damage due to air crash
Damage caused by bursting or overflowing of water tanks, apparatus and pipes
Browse through the site to learn more about types of home insurance.