Building insurance protects your investment against many types of damage, like flood, fire, storm damage, and earthquakes. If you use your building as a rental, you will need landlord insurance. This protects you against the same types of damage as regular building insurance, and also against loss of rent when the building is damaged and must be vacated, insures your property inside a furnished rental, and covers for legal liability. Landlord insurance policies often offer optional coverage for theft and vandalism by tenants and rent default. All building insurance policies provide you a sum insured, based on the replacement value of the building and any fixtures inside it. This building insurance value calculator uses professional valuation methods to help you determine the replacement cost of your building.
Replacement cost accounts for all of the costs involved in repairing or, if damaged beyond repair, demolishing and constructing a new building of comparable size and quality. Obviously, you don’t want to pay for more insurance than needed, but if you are underinsured and your building is badly damaged, the financial consequences will be painful. If you need to compare insurance, it’s critical to begin with an accurate value for replacement cost.
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