Making sure a building is being properly maintained is a big deal because of the tenants who reside in it. People live and work in buildings, so ensuring safety is a top priority should be a given. On top of people coming in and out of buildings, they also have property inside the buildings that needs to be kept safe. If you’re a building owner, it’s best that you have your properties covered with business property insurance. If something catastrophic were to occur, you should make sure you’re covered. Anything can happen, from a fire to a flood, and sometimes natural disasters can occur that can cause a lot of destruction. Long story short, it’s better to be safe than sorry. Having the right type of insurance will keep you covered. If you’re considering purchasing a building or are a building owner already, then it’s time to do some research about building insurance.
What is Building Insurance?
Building insurance is pretty straightforward. It’s there to cover you in the event that something happens on your property. Building insurance covers your entire physical property and the land surrounding it, according to Small Business Chronicle. You will be covered from things like:
- Fire
- Flood
- Earthquake
- Theft
- Vandalism
- Storm damage
There are different types of building insurance such as “named-peril” and “all risk”. Named-peril covers any damages done by whatever’s specifically listed in the policy. All risk covers damage to property from all incidents except what’s named in the policy. Both operate totally different but ultimately have the same goal. Residential property owners can often purchase a bundled package, offering them basic protections while cutting insurance premium costs.
What Does Building Insurance Cover?
Building insurance covers the structure and the fixtures inside your building–including any sinks, bathtubs, pipes and bathroom toilets. Garages, sheds and outside fences may also be covered under your policy. Furnishings inside, including furniture and equipment, as well as inventory may also be covered in a commercial building. Personal injury and death may also be covered in your business property insurance policy.
Do I Need Building Insurance?
If you’re a current or prospective property owner, you should definitely make sure that you have some type of coverage on your properties. Having business property insurance will definitely give you peace of mind, as well as whoever operates or lives in your building. It’ll protect you in the event of a lawsuit as well.
About Haughn & Associates
Founded by Michael Haughn in 1986, Haughn & Associates is a full-service, family-owned, independent insurance agency based out of Dublin, Ohio. H&A strives to provide the best possible price and unique insurance solutions across a myriad of industries, including construction, IT, Habitation & Commercial Property, Agriculture, and Engineering. Devoted to providing the best of business insurance, life and disability insurance, personal insurance, employee benefits, and bonds, H&A is proof that success lies in long-standing client relations and satisfaction. To learn more about how H&A can be of service to you, contact us at (877) 802-2278.
FAQs
Buildings insurance covers you if something happens to your home. For example, if a fire, flood or storm damages the building it will cover the cost of the repairs. It will cover the cost to rebuild, repair or replace things like your roof, walls, windows, doors or fitted bathrooms and kitchens.
What is not usually covered by building insurance? ›
Termites and insect damage, bird or rodent damage, rust, rot, mold, and general wear and tear are not covered. Damage caused by smog or smoke from industrial or agricultural operations is also not covered. If something is poorly made or has a hidden defect, this is generally excluded and won't be covered.
Does building insurance cover everything? ›
Damage or destruction due to vandalism, fire and certain natural disasters are all usually covered. So is your liability if someone is injured on your property. Certain catastrophes, like flooding or earthquakes, are generally not covered by basic homeowners policies and require specialized insurance.
What is building coverage in an insurance policy? ›
Building coverage normally includes machines and equipment that are permanently installed, such as a furnace, boiler, and air conditioning equipment. Fixtures, or property that is permanently attached to the building such as a built-in bookcase or cabinet, are also covered.
Do I need accidental damage cover on buildings insurance? ›
While accidental damage insurance is not a legal requirement, it is certainly worth considering. If damage is accidentally caused to the building by tenants, the landlord is responsible for paying for any repairs needed.
What is included in property insurance coverage? ›
Perils covered by property insurance typically include select weather-related afflictions, such as damage caused by fire, smoke, wind, hail, the impact of snow and ice, and lightning. Property insurance also protects against vandalism and theft, covering the structure and its contents.
What is the most common damage to your home that insurance does not cover? ›
Standard homeowners insurance does NOT cover damage caused by flooding, earthquakes, termites, mold, or normal wear and tear. Learn about all the different home insurance exclusions and how to get covered.
How to scare a home insurance adjuster? ›
Insurance adjusters often start with a lowball offer, hoping you will accept it without question. To scare an insurance adjuster, you must demonstrate that you know the true value of your claim. Reject the lowball offer in writing and provide a detailed explanation of why you believe the offer is inadequate.
Which of the following is typically not covered by property insurance? ›
Homeowners insurance typically doesn't cover damage from floods, earthquakes, landslides, sinkholes, wear and tear, animals or insects, or water backing up from sewers, drains, septic tanks and sump pumps.
What is the difference between property insurance and building insurance? ›
The same is true for water damage from a burst pipe, or windows broken by a storm. However, building insurance does not cover office equipment or other moveable property, which is why you might also want the protection for your business personal property afforded by standard property insurance.
Homeowners insurance also protects you against liability for accidents that injure other people or damage their property. The policy covers medical expenses for persons accidentally injured on your property. Most policies do not protect you against losses from floods, earthquakes, mudslides, mudflows or landslides.
How to value items for an insurance claim? ›
Most personal property insurance policies consider the item's age, wear and tear, and expected lifespan to determine depreciation. Calculating depreciation helps to estimate the current average personal property value of your belongings and is crucial for understanding what you can expect to recover in a claim.
What does buildings insurance cover you for? ›
What is buildings insurance. Buildings insurance covers the cost of repairing damage to the structure of your property. Garages, sheds and fences are also covered, as well as the cost of replacing items such as pipes, cables and drains. Your insurance should cover the full cost of rebuilding your house.
What is not covered under a dwelling policy? ›
Dwelling coverage only applies to structures attached to your main residence, meaning that detached garages, sheds, barns, unattached guest homes, fences, or any other detached structures are typically not covered under dwelling coverage.
Which of the following would not be covered under a builder's risk coverage form? ›
A builders risk coverage form provides protection against losses on the building, equipment, and supplies, but not to accidents on the job, the land, scaffolding, and theft. The policy does not cover war, nuclear hazards, extreme weather, or government seizure.
What is usually covered by insurance? ›
Covered services typically include regular office visits with your doctor, tests, urgent and emergency care, hospital stays, prescription drugs, medical equipment and more.
What is all risk coverage for buildings? ›
"All risks" refers to a type of insurance coverage that automatically covers any risk that the contract does not explicitly omit. For example, if an "all risk" homeowner's policy does not expressly exclude flood coverage, then the house will be covered in the event of flood damage.
What is covered under buildings and other structures in an insurance policy? ›
Other structures insurance protects your outbuildings against the same list of perils as the house itself. Basic policies cover losses against instances beyond your control, such as some weather-related damages, water damage from appliances, vehicle damage, theft and more.
Which of these are not usually covered by homeowners insurance? ›
Events typically not covered by standard homeowners insurance include: Floods. Earthquakes, sinkholes and other "earth movement" Other natural disasters (depending on geographic location)
