February 13, 2025
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The basic idea behind insurance is very simple. You pay an insurance firm a predetermined sum of money known as a premium in exchange for the risk of possible future financial loss. By submitting a claim, you are able to obtain money from the insurance provider to restore or repair any damaged property.

Additionally, you can minimise the possibility of financial bankruptcy by not trying to generate enough money by selling other assets or cash savings for these repairs or reinstatement. Why would you need an expert professional insurance counsellor, sometimes called an insurance consultant, since the idea is so straightforward?

The solution is in the details, as is the case with many things in life. The straightforward issue, “What constitutes a building?” and, more significantly, “What will get paid if it is completely destroyed?” provide a suitable example. What is covered by the building sum insured is specified in your property insurance policy. This could involve the following:

Debris removal, civil works, foundations, boundary walls, gates, fences, furniture, fixtures, fittings, electrical installations, air conditioners, subterranean pipes and services, all kinds of glass, water pumps, neon signs and/or sign boards, telephones, lifts, gardens, landscaping and architects, surveyors and legal fees are all included in the building.

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