Back to blogUpdated · 1 min read

Building insurance

Building insurance protects your actual building and its fixtures against things like fire, explosions, Mother Nature, burst geysers, theft, malicious and accidental damage, and even subsidence and landslip.

How much building insurance do I need?

You need to insure your house for the amount that it will cost you, at the time of the claim, to rebuild it with new materials, including fixtures like tiles, carpets, cupboards, built-in appliances and light fittings. You also need to include the cost of any outbuildings and other construction on your yard like pools, walls, etc.

Remember, you could potentially lose your whole house and then it would need to be totally scrapped and rebuilt. So make sure that you also include the cost of the following in your insured value:

  • Making the site safe;
  • Demolishing and removing the remains; and
  • Professional and municipal fees.

What’s the difference between home contents insurance and building insurance?

Building insurance covers the structure as well as its fittings and fixtures. Contents insurance covers all of your belongings. Some insurers allow you to insure your building and home contents under one policy.

You might also like

Definitions

Excess

Your excess is the amount of money that will come out of your pocket when you make a claim. Think of it as the contribution you have to make; your insurer will then pay the remaining balance.

1 min read
Definitions

Insurance policy

An insurance policy is essentially a contract between you and your insurer. It will outline what’s covered, what’s not and how you can make use of your insurance.

1 min read
Definitions

Personal liability cover

Personal liability cover protects you (financially) if a lawsuit or claim is brought against you for causing bodily injury or property damage – in and away from your home.

1 min read