What Exactly Does Building Insurance Cover?

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.