New homeowners looking to build their dream home, and new property owners ready to enter the real estate market need to consider the type of insurance best suited for their property.
Who needs Home Building Insurance?
Home building Insurance is a necessity for all property owners. It is an insurance plan designed to cover the physical structures that make up your home, and may include permanently attached fixtures on the exterior and interior of a building.
If you are a home or property owner you need Home Building Insurance for peace of mind that any damages to the structure of the building may be repaired and replaced. Home and Contents Insurance may be an option for homeowners living in the residence, however this type of insurance plan would incur unnecessary costs if you are the owner with no belongings inside the property.
Why is it important?
Unfortunately, not all loss or damages to a property are within human control. Home Building insurance provides confidence to property owners helping to cover unforeseen costs.
For example natural disasters including the effects from a flood, fire, storm and lightning in many cases can not be avoided but will cause immense damage. Owners that do not have Building Insurance will be forced to pay for repairs out of pocket. Instead of paying thousands up front for damages, many Insurance plans will offer affordable payment plans so that in the instance you are faced by the effects of a natural disaster you will not be left overwhelmed by costs.
Furthermore, as a property owner Home Building Insurance may provide liability cover. This is especially vital for commercial buildings where you may be liable to pay compensation if an individual injures themselves or damages the property.
Who are the top 3 Australian providers?
In Australia there are many insurance providers. Dependent on an owners needs and the type of property being insured the following providers would offer the best Home Building insurance packages:
Allianz Home Building Insurance helps to cover the cost of loss or damage to the insured physical structures that make up your home building. This includes: garage, fences, paved driveway, showers, baths, hot water systems and air conditioners. Flood Cover is offered as an optional add-on. Allianz offers members to receive a no claim bonus of up to 30%.
The Building Insurance package designed by AAMI can assist to pay for loss or damage to the property being insured. This includes damage caused by storms, fire and burglaries. Building Insurance can help cover the loss or damage to your insured building, if it’s caused by insured events like storms, burglaries and fire. AAMI offers a 10% of the total building sum insured as a payout if the property is unable to be repaired or reside in.
GIO’s Building Insurance will cover the structure of a property, inclusive of garages, sheds, solar panels, fences and gates. GIO will help to cover costs incurred from events such as a flood, storm, fire and over natural disasters. Furthermore, if you can’t live in your home after an incident they will pay for your temporary accommodations costs.