King Price Buildings Insurance provides cover for building structures and outbuildings. With the King Price Buildings Insurance, you can get a comprehensive cover that is able to cover your buildings against a number of occurrences. You are covered personally against any claims made by visitors or domestic employees that get injured on your property.
King Price Buildings Insurance Summary
King Price Buildings Insurance is a buildings insurance product that protects one’s home from acts of nature, accidental loss or damage, and other destructive events. Outbuildings are also protected by the King Price Buildings Insurance.
Other things that the building insurance cover include:
- Swimming pools,
- Gate motors,
- Tennis courts, underground pipes, and
- Underground Cables
Policy owners can choose the cover amount for each item or structure that is covered by the buildings insurance. The cover amount will determine the premiums that are payable on a monthly basis. Reduction of the cover amount is also available.
The buildings insurance has a maximum amount that is payable to any claimable occurrence. Policyholders will need to pay the excess amounts payable.
What King Price Buildings Insurance Cover
King Price Buildings Insurance covers a number of occurrences that are discussed in this chapter. We will look at loss or damage to buildings and different causes that are covered, loss or damage to pipes and geysers, alternative accommodation, and subsidence.
Loss or damage to buildings
Buildings are not 100% secure, there are many things that can happen to them that can cause loss or damage. King Price Insurance provides cover to buildings for numerous incidents. Fire and explosions are covered by the King Price Buildings Insurance. Should a fire or explosion damage or cause loss to your buildings, King Price will make a payout for the repair or replacement of buildings.
Acts of nature – Acts of nature that are covered by King Price Buildings Insurance include storms, wind, lightning, hail, floods, snow, or earthquakes. Any loss or damage caused to buildings insured by these acts of nature are covered and King Price will repair or replace the building to its original state.
Malicious damage to property –. Furthermore, the product covers any loss or damage caused by aircraft falling on buildings or articles dropped from aircraft to buildings. King Price will make a payout provided you make a successful claim.
Destruction of buildings by motor vehicles or animals or falling of trees – Falling of trees to buildings is not covered if the trees falling on buildings was due to a tree being cut by an unprofessional feller. Theft and other intentional acts are covered. Moreover, the insurance product covers power surges and dips.
Loss or damage to Geysers and Water Pipes
The King Price Buildings Insurance covers the loss or damage of water pipes and geysers. The cover is for loss or damage to geysers and water pipes to the extent that the geysers and/or pipes that are leaking, have burst, or are overflowing with water and cause damage or loss to the buildings insured.
Loss or damage caused by Water supply tanks, cisterns, and pressurized water pipes that form a permanent part of the building are covered. Other immovable structures, fixtures, fittings, and improvements, damaged by geysers and water pipes are also covered.
King Price Buildings Insurance offers cover for accidental damages. Accidental damages covered are for fixed glass and sanitaryware, unless the building is unoccupied. Furthermore, accidental damages caused by water, gas, electricity, and/or telephone connections or pipes between the building and the public supply or mains for which the policy owner is responsible are covered.
Temporary accommodation cover
Should a claimable incident leave the buildings unliveable, the policyholder is offered a temporary accommodation that King Price will pay for. If the policyholder has a tenant, that tenant will also be included in the temporary accommodation offer.
Temporary accommodation is limited to 10% of the insured value and applies for the period that’s reasonably required to make the building liveable again. Guests are not covered for temporary accommodation while buildings are being repaired.
What King Price Buildings Insurance doesn’t cover
Not every incident is covered by the King Price Buildings Insurance. There are certain incidents that are not covered by the product and these include:
- Theft and other intentional damage to buildings caused by the policy owner, tenants, household members, or with the consent of the policy owner.
- When making alterations and additions to the property you are not covered for loss of building materials, fixtures, and fittings. Acts of nature are not covered when making alterations to buildings.
- There is no cover for loss or damage caused by scorching.
- Thatched roof is not covered,
- If the buildings are unoccupied for 45 days in a row you are not covered for any loss or damage to buildings.
- Sewerage and waste pipes are not covered.
Advantages of King Price Buildings Insurance
- The cover amount can be optimised.
- The buildings insurance offers a wide range of covers.
- Temporary accommodation is available when buildings are being repaired.
- Different types of buildings can be insured.
- The cover also covers small structures inside the policyholder’s property such as tennis courts, swimming pools, etc.
Disadvantages of King Price Buildings Insurance
- The solution comes with limited benefits.
- There are no reduced premiums for paying well or being claim-free for a certain number of years.
The King Price Buildings Insurance product provides cover for many incidents that are likely to cause destruction to your buildings. Buildings insurance covers liability to domestic employees and the policyholder which makes the insurance product more reliable for users.
King Price Buildings Insurance gives clients the opportunity to customize their buildings insurance policy by increasing or decreasing the cover amount. This allows customers to have the cover that they need at all times and help them avoid excess payment on their claims