Building Insurance
Building Insurance
About Building Insurance
Buildings insurance is an insurance policy that covers the financial cost of repairing damage to the physical structure of a property in the event of damage or theft. This includes the roof, floors and walls, as well as any fitted or permanent fixtures (i.e. a fitted kitchen).
Get financing for whatever you need now
Achieve all your goals and aspirations; with the right kind of help, exactly when you need it.
If you have a mortgage
If you buy a house you should take out buildings insurance when you exchange contracts. If you sell a house you are responsible for looking after it until the sale is completed so you should keep your insurance cover until then.
If you don't have a mortgage
Buildings insurance isn’t compulsory but it is advisable. Think about how you would afford to rebuild your house if it were damaged or destroyed.
If you're a leaseholder
Your lease may say that you should have buildings insurance with a named insurer, or the freeholder may take out insurance and charge you for it.
If you're a tenant
Your landlord usually takes out the insurance, although you may be responsible for loss or damage to fixtures and fittings. Your household contents insurance may cover this.
Features of Building Insurance
Buildings insurance covers the cost of repairing damage to the structure of your property. Contents insurance on the other hand, covers the cost of replacing your belongings in your home if they are damaged, destroyed or stolen.
Garages, sheds and fences are also covered, as well as the cost of replacing items such as pipes, cables and drains. Buildings insurance usually covers loss or damage caused by: fire, explosion, storms, floods, earthquakes.
Sum Insured
This must be enough money to clear the site and rebuild your home if it was totally destroyed by fire or flood, for example.
Index-linked sum insured
The cost of rebuilding houses rises each year with inflation. Protecting, or index-linking your sum insured means you won’t be left underinsured.
Alternative accommodation
Covers the cost of staying somewhere else (like a hotel or rented house) while your house is being repaired if you can’t live in it following major damage like a fire or flood.
No Morgage
Covers you for the costs of being sued if anyone dies or is injured, or their property is damaged, because of something which happens at your home.
Building Insurance – Eligibility
Any salaried, self-employed or professional Public and Private companies, Government sector employees including Public Sector is eligible for a Building Insurance Plan.
Age
Maximum age of applicant at loan maturity: 60 years
Income
Minimum Net Monthly Income: Rs 15,000
Credit Rating
Applicant should have the bank specified credit score.
5.0/5.0
by 500000+ clients
