• Yes, it is indeed feasible to insure an entire building. You can achieve this with the assistance of a building insurance policy from a prominent insurer like HDFC Ergo. Review this article to discover more about the elements of this coverage and the reasons it is necessary.

Features of building insurance

• Let’s examine in detail the advantageous features of a property insurance policy that you can purchase to safeguard the entire building:

1. Outer structure coverage

• One of the primary covers available under a building insurance plan is the structure coverage. You receive protection for the external elements of the house such as the walls, roofs, foundation, floors, and other fixtures that are permanently affixed to the building. This is essential coverage that assists you in keeping the place secure at all times.

2. Additional structure coverage

• Whether your property includes a swimming pool or a detached garage, you can obtain coverage for these areas as well when you acquire a building insurance policy. This is another very useful benefit provided by the comprehensive property plans.

3. Possession coverage

• This coverage is akin to what is found in a standard homeowners insurance plan. You receive coverage for the belongings inside the property, such as valuable furniture and appliances. If your home items are damaged in any covered incident, the insurance provider will compensate you for the losses.

4. Perils coverage

• This is another coverage reminiscent of those found in typical home insurance plans. You are protected against perils such as fire, theft, natural disasters, and riots. If the building’s structure is harmed due to any of the listed perils, the insurance provider will compensate you for the damages. You can use the compensation to repair the house and replace the damaged belongings. Thus, this is one of the most significant features of a building insurance policy.

5. Loss of use coverage

• If your building becomes uninhabitable following a natural or human-made disaster, you will need to temporarily relocate until the place is repaired and restored to its former condition. You will have to stay in temporary accommodation during this period. The insurance provider will cover the rent of the new place while your building is undergoing repairs.

The bottom line

As you can gather from the points outlined above, a building insurance plan is extremely advantageous. Whether you possess a commercial or personal property, obtaining building insurance is a smart decision. The covers available in these policies differ significantly from those included in standard homeowners’ or renters insurance plans, so be sure to read the policy prospectus thoroughly and comprehend how the coverage will assist you.

Disclaimer: The information provided above is for illustrative purposes only. For more details, please consult the policy wordings and prospectus before finalizing the sale.