As a property owner, it is your responsibility to ensure that your property is safe and secure, not just for yourself, but also for any individuals, animals, or other structures nearby. A significant way to protect your property is through building insurance. In this blog, we’ll explain why building insurance is essential, what it covers, and how it can protect you from potential risks.

Why Building Insurance Is Crucial:

Your home is likely the most significant investment you’ve ever made, and it’s essential to protect it from any unforeseen circumstances. Building insurance can protect you from potential financial losses and liability if your property causes damage or harm to others. It also gives you peace of mind, knowing that your investment is safe, and you won’t have to pay out of pocket for any repairs or damages.

What Building Insurance Covers

Building insurance covers various risks and damages that may occur to your property. These include, but are not limited to depending on the insurance company you’ve taken insurance from:

  • Electrical installation safety
  • Electrified fence installation safety
  • Plumbing installation safety
  • Gas installation safety
  • Natural disasters such as storms, lightning strikes, and landslides.
  • Accidents such as explosions, fires, and leakage.
  • Malicious damage caused by third parties.
  • Beetle infestations.
  • Additionally, building insurance also covers the costs of repairs and replacements for any damage or loss of the insured property.

Certificates of Compliance and Building Standards

Certificates of Compliance are essential documents that verify that your property adheres to current building standards and regulations. Without these certificates, you may be held liable for any injuries or damages that occur on your property. Furthermore, your insurance policy may be declared void, leaving you vulnerable to financial losses.

It is your responsibility as a homeowner to ensure that your property complies with the National Building Regulations and Building Standards Act (No. 103 of 1997) and other applicable regulations. This includes ensuring the safety of your electrical, plumbing, gas, and electrified fence installations.

Please Note: As a company or legal entity, you must take all reasonable steps to ensure that your insured property complies with statutory obligations, laws and bylaws, regulations, and safety requirements. This includes ensuring that plans were submitted to and approved by the local authority during construction.