What type of buildings insurance is available?

Buildings insurance typically offers two main types of coverage:

1. Named Perils Coverage:

Also known as "specified perils coverage," this type of insurance policy provides protection against specific risks or perils that are explicitly named in the policy. These perils may include damages caused by events like fire, lightning, explosions, theft, vandalism, storm, or hail. If a loss or damage is caused by any of the specified perils listed, the insurance company will provide compensation to repair, replace, or restore the affected parts of the building.

2. All Risks Coverage:

"All risks" coverage, sometimes called "comprehensive coverage," offers a more extensive range of protection than named perils coverage. It covers losses and damages resulting from any risks or accidents, except those specifically excluded in the policy. This type of insurance provides a wider protection because it covers losses that are not explicitly listed in the policy, unless they fall under the exclusions.

It is important to note that both types of insurance policies may come with certain exclusions and limitations. For instance, certain natural disasters like floods or earthquakes may not be covered under standard buildings insurance policies. It is essential to carefully review the policy terms and conditions, understand the exclusions, and purchase additional coverage or endorsements if needed to ensure comprehensive protection for your building.