Back to blogUpdated · 1 min read

Building insurance

Building insurance protects your actual building and its fixtures against things like fire, explosions, Mother Nature, burst geysers, theft, malicious and accidental damage, and even subsidence and landslip.

How much building insurance do I need?

You need to insure your house for the amount that it will cost you, at the time of the claim, to rebuild it with new materials, including fixtures like tiles, carpets, cupboards, built-in appliances and light fittings. You also need to include the cost of any outbuildings and other construction on your yard like pools, walls, etc.

Remember, you could potentially lose your whole house and then it would need to be totally scrapped and rebuilt. So make sure that you also include the cost of the following in your insured value:

  • Making the site safe;
  • Demolishing and removing the remains; and
  • Professional and municipal fees.

What’s the difference between home contents insurance and building insurance?

Building insurance covers the structure as well as its fittings and fixtures. Contents insurance covers all of your belongings. Some insurers allow you to insure your building and home contents under one policy.

You might also like

Definitions

Malicious damage

Malicious damage is damage caused to one person’s property on purpose by another person. For example, if someone deliberately scratches your car with keys or kicks a dent in your car door.

1 min read
Definitions

Pre-inspection

A pre-inspection (or selfie in Naked terms) is when you have to show your insurer the item that you have insured.

1 min read
Definitions

Extras & accessories

When you see the word ‘extras’ on your insurance policy, it refers to things that have been fitted onto your car that weren’t part of the car when it left the factory.

1 min read