What is a Building Insurance?
Not sure why a Building insurance is important?
Read on..
What’s great about a Building Insurance by Digit?
What’s covered in a Building Insurance by Digit?
Explosion & Aircraft Damage
Covers your building from damages and losses that could occur due to an explosion or even aircraft damage.
Storms
Nature’s furies are unpredictable. A building insurance covers for the damages and losses that happen when a storm storms into your building too!
Floods
Excess water can lead to various damages. This building insurance also covers for any damages and losses caused to your building in the case of a flood.
Fires
Protects your building and its contents from damages and losses that can be caused due to a building fire.
Earthquakes
Ensure you’re always protected for the worst. Earthquakes can lead to severe damages! This building insurance covers you against its losses caused due to the same.
Burglaries
Burglaries can occur anywhere, and especially occur in residential buildings. In case of damages and losses caused due to the same, your building insurance will cover for it. Covered in Digit Burglary Insurance Policy (UIN: IRDAN158RP0019V01201920).
Types of Building Insurance Plans
At Digit, our insurance covers your building against fire and natural calamities such as floods and earthquakes through our Digit Standard Fire & Special Perils policy. However, since buildings are also at a risk of burglary, we also cover burglaries. This way, your building will not only be protected from damages and losses due to fires and natural calamities but also from burglary. To simplify this for you, we have differentiated coverage options as below:
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Option 1 |
Option 2 |
Option 3 |
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Covers only the contents of your home or business. |
Covers both your building and the contents of your home or business. |
Covers your building, contents of your home or business and, valuables such as cash in safe or shop counter. |
Things to know about Building Insurance
- Content - If you’re confused as to what ‘contents’ refers to in a Building Insurance, it refers to your personal belongings in your house. For example, if there’s a burglary in your house and your laptop is stolen; your building insurance will cover for the contents, i.e. your laptop too.
- Building/Structure - As the name suggests, a ‘Building’ or ‘Structure’ in your Building Insurance refers to the entire property you want to cover. For instance, if you’re looking to protect your family’s standalone building, your entire building is what would be referred to as the ‘building’ covered for.
Our Building Insurance Offerings
For your Home
A building insurance for your home; whether it’s an apartment in a gated community, or a standalone building; helps you cover for your house and its contents from unforeseen circumstances such as fires, explosions, floods, burglaries, storms, etc.
For your Shop and Business
A building insurance for your shop or business is designed to help you protect your commercial buildings; i.e. office premises and standalone shops from potential damages and losses caused due to natural calamities, burglaries and fires.*
Who needs a Building Insurance?
Types of Home Properties Covered
Types of Business and Shop Properties Covered
Know more about Building Insurance
How is a building insurance premium calculated?
Your building insurance premium will be influenced by the following factors:
- Type of Building: The kind of building you’re insuring will have a direct impact on your building insurance premium. For example, a factory would have a higher premium than that of a General Store due to the difference in the nature of the property to be insured.
- Age of Building: Like any other insurance policy, age is a prime factor in determining premium prices. The older the building is, the lower would be its premium and vice versa.
- Area of Property: The area of the building to be insured has the highest and direct impact on its building premium. This is because a bigger property will have a higher sum insured and hence a higher building insurance premium respectively.
- Security Measures: Many homes and businesses today opt for various security measures to protect their homes and shops from risks such as burglaries and fires. Therefore, if your home or shop includes this, your risk and therefore building insurance premium will be lower.
- Additional Coverages: While a building insurance mainly covers for the building and its contents, there are other priced possessions such as glass plates of a shop or jewelry kept at home. To cover for the same, you can opt for add-ons that will consequently give you better coverage and, increase your building insurance premium.
Tips to compare building insurance plans
Deciding on the right building insurance can be a quite a dilemma. After all, it’s the choice you’re making to protect your lovely home, or your dear business! To make your decision-making process easier, here are our recommendations on the three most important things you should compare and think about:
- Coverage Benefits: The most important part of your insurance is the kind of coverage you’re getting. You need to know what you will be covered for in the case of an unfortunate event. Therefore, always look at what is covered and what is not covered to help evaluate the most valuable plan to you.
- Sum Insured: Your Sum Insured in a building insurance refers to the total amount you’ll be covered for in the case of a claim you make. Therefore, be very wary on the amount you’d like to go for since this won’t only affect your building insurance premium but will also affect the claim amount you will receive in the case of damages and losses!
- Add-ons Available: Sometimes, you need coverage beyond just the basic plan benefits. This is where add-ons come in use. Different insurance providers give different range of add-ons for people to choose from. Compare your options and see what works for you and your building the best!
How to choose the right building insurance plan?
The best way to choose the right building insurance plan is to compare and evaluate all your options and make your choice accordingly. Look at your coverage benefits, sum insured, add-ons available, building insurance premium, customer support, etc. before choosing who you’d trust to protect your most important possession!
How to select the right Sum Insured for a building insurance?
Your Sum Insured refers to the total value of your property, i.e. also the maximum amount you can receive in case of a claim. So, you need to be sure that it reflects the true value of your property. To choose the right Sum Insured for your building insurance, you can use our calculator here that helps determine your building insurance premium and the recommended Sum Insured based on your property's area.
What are the benefits of a building insurance?
Take a glimpse through the key benefits of a building insurance in India:
- Complete Coverage: A building insurance does not only help protect your property (i.e. your building or store) but, also the contents within it, ensuring your pocket is steered away from all possible losses. Additionally, many insurance providers also provide for add-ons to increase your coverage as per your needs.
- Reduces Business Risks: A building insurance also comes with customized policies to protect your shop and its contents, thus reducing the risk of business losses in the occurrence of events such as a fire, earthquake, flood, burglary, et al.
- Peace of Mind: Whether it’s your store or your home, both hold a large amount of financial significance. A building insurance prevents you from facing significant losses in occurrence of unforeseen circumstances and thus ensures you don’t have too much to worry about, cause your insurance provider will have your back!
