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The importance of Building Combined Insurance

 
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When it comes to building insurance, not all policies offer the same types of cover. This is a sad reality that’s experienced all too often by those who never seemed to read the fine print. Although it’s fairly common, it’s up to efficient brokers to ensure that every client understands the particulars of their chosen policy before they sign on that dotted line…

Don't overlook building insurance Don't overlook building insurance

At Compendium, we’re as passionate about educating our clientele as we are about keeping them educated. In this article, we’ll be discussing why building combined insurance is an important part of financial security and protecting your valued property asset. Here’s a little more on this kind of building insurance.

What does it actually entail?

For starters, it’s important to note that this kind of insurance is not a household insurance policy. This means you’ll still require one to protect the contents of your home. This cover is designed for those who own a building that is used primarily for office or residential purposes. By insuring the building under a separate policy like this one, your place of work is covered in the most comprehensive way possible. So, in the event of unforeseen circumstances negatively impacting your place of work or stream of rental income, you will be properly compensated. This policy includes cover for the following:

  • Fire and allied perils
  • Theft following forced entry
  • Loss of rental income due to the building being inhabitable
  • Property owner’s liability

Why do I need it?

Your space is an important commodity Your space is an important commodity

As an important asset, your building needs to be covered against unexpected damages. If you rely on the building to provide an office space or even a stream of income that stems from rentals, you simply can’t afford to leave it uninsured. Many people only realise the importance of such a policy once something happens and they lose out on revenue or worse, have to find a new office space. By having a policy like this one, you can safeguard an expensive asset and financial status without having to experience costly pitfalls.

What happens should I need to claim?

In the event of you needing to claim against your policy, you can contact your broker and get the ball rolling.

Who can I chat to?

Should you need to submit a claim or have any queries that you would like put to rest; you can contact your dedicated broker. At Compendium, our communications policy is always an open-door one. This means we’re always on call and at the ready to help you wherever we can. 087 724 9390

If you’re still in the process of choosing a broker and deciding on which policy suits you best, we’d love to be of service. For more on our offerings and how they can positively impact all areas of your life and business, please click HERE:




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