If you have just bought a property with buildings already in it or are intending on building fixed structures, you probably need to have insurance. The purpose of building insurance is to safeguard your property from damage as a result of nature or human actions. This insurance covers the structure itself and not the things in it. A different insurance cover will be needed for the contents of the building. Various building insurance covers do exist, and each serves a given purpose.
Loss and damage insurance is one of the various kinds of insurance covers. Loss and damage insurance will protect your building from damage by natural events. In this cover, you will be protected against damage caused by natural events and weather such as lightning or rain damage. This building usually will protect your main house as well as other buildings in your compound.
It is possible to include the regular damage cover in this kind of insurance. This cover will also safeguard the outer components of your one such as the solar and the glass windows.
Homeowners with several other building for renting can also take a building insurance against those buildings but not the properties of those living in them. The tenant properties are in their care but not the landlords. However tenants tend to cause considerable damage to property, and building insurance can cover the cost of repairs. One can also include legal and maintenance cover under this kind of insurance. Those living in your property should take insurance cover to protect their possessions against damage.
The other type of insurance is the builder risk. This kind of insurance covers the building against damages while it is still under construction. That way should a violent storm cause damage to your building before it been completed, you do not have to pay for repairs out of your pocket.
other several types of insurance cover are also there and your choice will be determined by the purpose you intend to use the house for. Old houses with some historical relevance will only be insured for an estimate as no one is sure about their worth. Insurance on the building of historic significance will cover the true value of the house but not the costing of rebuilding it.
Building insurance for commercial buildings varies accordingly to what use the building is put. The general idea is that, you can rebuild your building in case it is d and by whatever cause without costing you the owner very much. When your business is more susceptible to damages the payments for the cover will be much higher.