Property Insurance : Good hands that Care you.

 

Property Insurance is a broad term for a series of policies that provide either the property protection coverage or liability coverage for property owners. Property insurance provides the  financial reimbursement to the owner or renter of a structure and its contents in case there is damage or theft and to a person other than the owner or renter if that person is injured on the property. Any building or immovable structure can be insured through Property Insurance plans. This can be either your residence or commercial space. If any damage befalls such a property, you can claim the financial assistance from the insurance provider.

Property Insurance can include a number of policies, such as Home owners Insurance, Renters insurance, Flood Insurance and Earthquake Insurance. Personal property is usually covered by a homeowners or renters policy. The exception of  personal property  is that it is very high value and expensive. If there's a claim, the property insurance policy will either reimburse the policyholder for the actual value of the damage or the replacement cost to fix the problem.

Types of Property Insurance in India :

·         Home Insurance - With such a policy, you remain free from all financial liabilities that may arise from damage to your home or contents inside due to fires, burglaries, storms, earthquakes, explosions and other events.

·         Shop Insurance - If you own a shop, which acts as a source of income for you, it is integral to protect yourself from financial liability arising from the same. Whether the liability occurs due to natural calamities or due to accidents, with these plans, you can immediately undertake repairs to the shop.

·         Office Insurance - Another type of property insurance policy, office insurance ensures that the office building and all the equipment inside are significantly protected in the event of unforeseen events.

·         Building Insurance - If you own a complete building, opting for home insurance may not be sufficient. Instead, you can purchase building insurance to cover the entire premises.

How Property Insurance Works : 

Danger or Riskiness covered by Property Insurance typically include the weather-related afflictions, including damage caused by fire, smoke, wind, hail, the impact of snow and ice, lightning, and other natural damages. Property insurance also protects against vandalism and theft, covering the structure and its contents. Property insurance policies normally exclude damage that results from a variety of events, including tsunamis, floods, drain and sewer backups, seeping groundwater, standing water, and a number of other sources of water. Mold is usually not covered, nor is the damage from an earthquake.

Benefits of Property Insurance :

·         Protection against Fires - While the insurance policy cannot prevent fires, it can prevent financial liabilities from such an event.

·         Burglaries - If your property exists in an area prone to theft and burglaries, such a policy is vital to ensure financial security.

·         Floods - In certain parts of India, floods are common. These floods can ravage your property leading to substantial losses. Property insurance also protects against such events.

·         Natural Calamities - The plan also offers financial aid against damage arising from earthquakes, storms and more.

Rebuilding or renovation of a property is an immensely expensive. Thus, Property Insurance policies are the best option to ensure long-term financial health.