DEFINITION of 'Demolition Insurance'

Insurance that is used to cover the costs of demolishing a building that is damaged by a peril, such as a fire or storm. Zoning requirements or building codes may require that a damaged building be demolished rather than repaired. Demolition insurance covers the cost of tearing down undamaged portions of a damaged structure.

BREAKING DOWN 'Demolition Insurance'

Demolition insurance covers a building that is damaged, not necessarily pieces of a building that may cover the property itself after a storm or other peril. Property owners should also check their property insurance policies for a debris removal provision, which covers the cost of removing debris and pollution that may result from demolition.

RELATED TERMS
  1. Building Ordinance Coverage

    Insurance that covers the increased cost of repairing a damaged ...
  2. Debris Removal Insurance

    A section of a property insurance policy that provides reimbursement ...
  3. Hazard Insurance

    Insurance that protects a property owner against damage caused ...
  4. Extra Expense Insurance

    Insurance coverage that provides funds for reasonable and necessary ...
  5. Fire Insurance

    Insurance that is used to cover damage to a property caused by ...
  6. Contractors' All Risks (CAR) Insurance

    An insurance policy that provides coverage for both damage to ...
Related Articles
  1. Insurance

    The Importance Of Property Insurance

    Property insurance is important, but there's a lot you need to learn in order to get the proper coverage.
  2. Insurance

    With HO5 Insurance, You're In Charge

    This home insurance covers everything and will put the onus on your insurance provider.
  3. Insurance

    Do You Need Casualty Insurance?

    Find out how different types of coverages can protect you and which policy is right for you.
  4. Insurance

    Insurance Coverage: A Business Necessity

    Don't go to work without this policy in place - especially if your work is in your home.
  5. Insurance

    Have The Right Condo Insurance?

    How well does your condo's master-insurance policy protect you? Here's why you'll probably need separate insurance for your own unit and possessions.
  6. Insurance

    What Is And Isn't Covered By Homeowners Insurance

    Understanding what your insurance covers can be confusing. Learn what almost all insurance policies have in common.
  7. Insurance

    The Beginner's Guide To Homeowners' Insurance

    Discover everything new homeowners need to know before they sign on the dotted line.
  8. Managing Wealth

    The Best Way to Insure Your Jewelry

    What you need to know to keep those baubles, bangles and beads safe.
  9. Insurance

    Explaining Insurance

    Insurance is a form of contract between an individual and an insurance company that spreads risk in exchange for premium payments.
  10. Insurance

    Find the Best Homeowners Insurance

    Don't wait for the next Hurricane Sandy or massive oil sands fire to find out if your homeowners insurance really protects you. Test your savvy now.
RELATED FAQS
  1. What are some examples of unexpected exclusions in a home insurance policy?

    Learn about commonly excluded perils with different standard insurance policies. Explore events that homeowners should consider ... Read Answer >>
  2. Does renters insurance cover moving?

    Learn how a renters insurance policy will only provide coverage during a move under certain circumstances, such as damage ... Read Answer >>
  3. Does renters insurance cover water damage?

    Learn how renters insurance provides personal property coverage for items damaged by water only if the water is the result ... Read Answer >>
  4. Does homeowners insurance cover fires?

    Understand if your homeowners insurance policy covers fire damage so you can protect what is likely to be your most valuable ... Read Answer >>
  5. Does homeowners insurance cover tree damage?

    Discover how damage to a home from fallen trees is covered under your homeowners insurance policy if it happens suddenly ... Read Answer >>
  6. Suppose my garage collapsed onto my car. Are damages covered by my home insurance ...

    Generally, damage to an automobile will be covered by comprehensive car insurance, which is in addition to collision coverage ... Read Answer >>
Hot Definitions
  1. Graduate Record Examination - GRE

    A standardized exam used to measure one's aptitude for abstract thinking in the areas of analytical writing, mathematics ...
  2. Graduate Management Admission Test - GMAT

    A standardized test intended to measure a test taker's aptitude in mathematics and the English language. The GMAT is most ...
  3. Magna Cum Laude

    An academic level of distinction used by educational institutions to signify an academic degree which was received "with ...
  4. Cover Letter

    A written document submitted with a job application explaining the applicant's credentials and interest in the open position. ...
  5. 403(b) Plan

    A retirement plan for certain employees of public schools, tax-exempt organizations and certain ministers. Generally, retirement ...
  6. Master Of Business Administration - MBA

    A graduate degree achieved at a university or college that provides theoretical and practical training to help graduates ...
Trading Center