Applying for a bond – Can you select your own building insurance?
Building insurance is an essential aspect of owning property with a structure on it. No matter if it’s your weekend getaway spot or the house you live in, having it insured is of the utmost importance.
For the sake of clarity, this type of insurance covers any built structures including your home, garages or outbuildings – should they get damaged in anyway. Most people think they can do without it until it’s too late.
When you are planning to apply for a bond from your bank, you should be aware that they usually require your property to be insured. Financial institutions require this as it reduces their risk in giving you a loan.
In most instances, the bank will expect you to have the minimum cover for the estimated value of your property. This figure must be sufficient to replace your property with one of the same value, should the worst happen. You will never be allowed to insure the property for less than this amount.
The good news is that you are not required to buy your insurance from your bank. This gives you the opportunity to find exactly the kind of insurance you require. At King Price you can expect to get the royal red carpet treatment in terms of our products and customer service.
With us, you’ll be covered on all your permanent fixtures, including:
- fittings and improvements
- swimming pools
- out buildings
- spa pumps
- loose gravel paths
- pool cleaning equipment
As a member of the King’s court you can expect all the bells and whistles.
By taking the safe route, and getting the right type of buildings insurance, you not only act to protect your family, but also your assets. Contact us now for a building insurance quote.