Homeowners in Hong Kong are often unaware of the importance of having additional insurance coverage when it comes to their properties. This is particularly true of compare builders risk insurance plans. While more common forms of insurance will typically provide protection for damage to the home, this type of coverage offers much more comprehensive protection.
Compare builders risk insurance plans extend coverage to include the property during construction or renovation, protecting it from damage and destruction due to accidents, fire, lightning, burglary, and more. This type of insurance also covers the cost of having the property professionally restored after an incident, which can often be significantly higher than the cost of having the damage repaired.
The coverage provided by compare builders risk insurance plans is also exclusive to the structure itself. It does not include the contents of the building, such as furniture, appliances, and electronics. However, it does provide protection for your valuable personal belongings in case of an emergency, which is essential for making sure you’re adequately protected.
Another key benefit of compare builders risk insurance plans is that it helps encourage contractors and workers to take a greater degree of responsibility for damages they may cause to the property. When contractors have coverage, they’re more likely to handle your work carefully and correctly, as they know they’ll be liable if mistakes are made and damage is caused.
Finally, compare builders risk insurance plans also provide coverage for potential loss of income or profits that might be incurred as a result of an incident. This can be especially important if the structure is part of a commercial property or if your property contains rental units.
Taking out compare builders risk insurance plans is an essential step homebuyers in Hong Kong should factor into their process when buying a property. Not only does it help cover the costs of any damage caused to the structure, it also provides invaluable peace of mind, knowing that both person and property are protected in the event of an incident.