Building insurance

FAQs

• What exactly is covered under a building insurance policy?

  Building coverage applies to the buildings or structures you identify in the declarations, along with any completed additions to those buildings or structures.

• I’m planning some additions to my business’s building. Will the additions be covered as they’re being constructed?

  Yes, they’re covered. If you haven’t purchased separate insurance to cover the additions or the property, your building property protection will cover additions under construction. Your insurance will also cover alterations and repairs to the building or structure, along with the supplies and any temporary structures you use for the additions, alterations, and repairs. For this type of situation, you’ll always want to discuss with your agent to see if the building limit is adequate, if it needs to be increased, and if they recommend a more appropriate coverage limit.

• At my business, I use a lot of expensive machinery and equipment. It’s only used inside the building, so is it covered by building property insurance?

  If you own the machinery or equipment and it fits the definition of being permanently installed in your building, it will be covered under your policy. However, if it’s likely to be moved or repositioned, we would instead categorize such equipment as business personal property, which you can protect by purchasing business personal property (BPP) coverage.