When you purchase a property containing buildings or that you are planning to build permanent building you will need to get a building insurance. Building insurance is a cover caused by natural disasters or people. The protection is offered to the structure alone. For the contents you need to get a contents insurance. Various kind of Construction Contracts insurance covers are available, and each is specific for a certain damage.
Building Contracts insurance is one of the various kinds of insurance covers. This cover is specifically for the damage due to natural occurrences. In this cover, you will be protected against damage caused by natural events and weather such as lightning or rain damage. This cover will also protect the other buildings associated to your home.
You can include standard accidental damage cover in your building insurance policy. This cover will protect the accompaniments to your building such as solar systems and gasses in the windows.
Those of us who are lucky enough to own more than one home and rent out the additional properties, can invest in building insurance to protect the building but not the
tenant's properties. The tenant properties are in their care but not the landlords. Building insurance will also cover the damage caused by the tenants. It is possible to incorporate legal and maintenance covers in his policy. For the tenants to be covered against theft and other eventualities, they have to take out their insurance.
Builders risk is the other category of building insurance. In this kind of insurance, the building is protected against damages that would occur when 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.
There are many other types of building insurance available, which you decide to opt for is dependent entirely on what you intend to do with the building you are insuring. 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 main purpose of the building cover is that should any harm happen to the building you can reestablish the house without the owner having to contribute a lot. The buildings that housing business that are more riskier will be charged more for the cover.