Definition: Building insurance is a type of property insurance that covers damage or loss to a building due to physical damage caused by natural causes, human activities, or malicious acts. It is an essential component of any building project as it helps in maintaining its structural integrity and preventing financial losses from natural disasters like earthquakes, floods, fires, storms, or other weather-related events. The insurance policy typically covers the following aspects: 1.

Covered damages

: This refers to losses that are incurred due to natural causes such as earthquakes, landslides, volcanic eruptions, or explosions. 2.

Damages caused by human activities

: It includes any damage due to theft, vandalism, fire, or other actions committed on behalf of the owner or occupant of the property. 3.

Damage from malicious acts

: This covers loss due to physical harm or injury resulting from accidents such as falls, injuries sustained in construction work or traffic accidents. The policy may also include specific coverage for structures such as bridges, roads, and buildings located within a certain geographical area. It provides financial compensation to the owner of the property if there are damages or losses to these structures due to natural or human causes. Building insurance is essential because it helps protect individuals, businesses, and organizations from financial loss in case of damages or accidents caused by physical damage to their properties.

building insurance