Is Building Insurance same as “Fire Insurance”?
Yes, Buildings Insurance is also commonly known as Fire Insurance. It covers a property's structure if there is damage caused by events including fire, typhoons/windstorms, and explosions. Many homebuyers looking to take out a mortgage need to buy fire insurance, as it is required by banks before they will approve a home loan.
Can I choose the effective date for my policy?
How much does a fire insurance policy cost?
Are premiums higher for certain property types?
OneDegree Fire Insurance premiums are fixed at 0.03% of the Sum Insured. The rate is applicable to residential properties of all types and all ages. Get a quote for your property here.
When purchasing fire insurance from a bank, the premium rate may depend on your property's type and valuation. For example, village houses and older buildings will tend to cost more to insure than private housing estates and newer buildings. The rates offered by banks generally range from 0.08% to 0.15%.
How do I determine the Sum Insured for my policy?