building insurance

Buildings insurance is not only essential for homeowners with a mortgage, it is a legal requirement. Coverage should allow for the assessed value of rebuilding damaged or destroyed property. It is imperative that buildings are covered from the first day responsibility or ownership for your property is accepted. Even if you do not have a mortgage, it is recommended that you have buildings insurance to cover the possible hefty costs if something were to damage your property. Buildings insurance usually covers the loss or damage as a result of weather (storms, wind, flooding, lightning, extreme cold), natural disasters, purposeful harm (theft, vandalism, arson), and accidents (fire among others).