What is building insurance?

Are you buying your first house? Or have you been a homeowner for some time? Regardless of your situation, you need to be insured. It means you avoid any financial surprises should you have an accident.

Building insurance and coverage - find out how you are covered

What does building insurance cover?

Did you know that various names, such as house, property, or detached house insurance, can refer to building insurance? Although they all fall under the same insurance category, their coverage may differ. Hence, it's advisable to review the terms and conditions of the policy or consult with an insurance advisor before finalizing your decision.Regarding building insurance, many companies cover various types of damage, such as fire, snow, storms, frost, and sudden water damage. However, it's important to note that the damage must be sudden and unexpected to receive compensation after filing a claim. If the damage results from years of neglect, you may not be eligible for compensation.IDA Building Insurance consists of a fire and ground cover. You can then choose some additional cover on top.General additional cover includes:

Insect and rot fungus: covers attacks from insects and fungi, which weaken the construction's durability and bearing capacity.
Hidden pipes and cable: cover for leaks in invisible pipe installation.
Electric lines: covers damage caused by, e.g. leaks in the piping installations and faults in those cables that you must maintain.

Choosing and arranging your insurance coverage is entirely up to you and what you require. However, if you need to discuss which coverage type would suit you best, in that case, our insurance advisors are available to assist you.Read more about what building insurance covers.

What does building insurance NOT cover?

In order to receive compensation through a claim, any damage must occur suddenly and unexpectedly. It is important to note that there are certain situations where building insurance will not provide coverage.

Damage caused by lack of maintenance
Damage caused by faulty construction on roofs and buildings
Subsidence that has developed over some time

Tips for those buying a house

Buying a house is a big decision – both personally and financially. Here are some great tips on what to think about when purchasing a property.

Remember the lawyer's provision in your purchase contract

When searching for your dream home, time can be of the essence. It's only sometimes possible to consult with your financial adviser or solicitor before signing a purchase contract. However, it's essential to remember that once the buyer and seller sign the agreement, it becomes legally binding. To protect yourself, include a provision in the contract allowing consultation with a bank or solicitor. Additionally, there may be a defined period during which you can cancel the purchase after signing the deal.

Financing

A minimum down payment of 5% of the property's price is required to buy properties when purchasing a home or apartment. You may obtain a mortgage for up to 80% from a mortgage provider and 20% from your bank. The amount you can borrow depends on your bank and mortgage provider, so it is vital to research the market. Your budget, income, debt, and annual pre-tax accounts determine your loan. Once approved, the bank will issue a mortgage and act as a loan security.

Insurance

It is wise to purchase building insurance to protect your property from unforeseen damage. Suppose you have borrowed funds for your home purchase from one or more financial institutions. In that case, they may require you to have building insurance that covers fire damage. It ensures that the bank or mortgage provider is protected in a fire.

Prevent invisible damages

Besides buildings insurance, it is essential to consider whether indemnity insurance is necessary. Indemnity insurance covers any hidden damages that may not have been mentioned in the condition or electrical installation reports. For more information on indemnity insurance, contact our business partners, Frida Forsikring and Tryg Forsikring.Read more about indemnity insurance and what it covers.

Have you insured your home contents?

Moving into a new home means you likely have many personal items and belongings to bring. It's essential to consider taking out home contents insurance to protect them. This insurance protects your property against fire, theft, break-ins, and vandalism. Additionally, it includes liability coverage and may offer optional add-ons to cover specific items, like your electronic gadgets or expensive bicycle.Read more about home contents insurance.

Table of contents

What does building insurance cover?

What does building insurance NOT cover?

Tips for those buying a house

Insurance

Overview

Building Insurance

Learn about the essential coverage aspects of IDA Forsikring's Building Insurance through an overview.

Get help with your Building Insurance

Find answers to commonly asked questions about IDA Forsikring's Building Insurance, including coverage and additional options.

Contact

Call or write to IDA Forsikring

Would you like to request for insurance or have any questions?

Phone:

70 21 01 91