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Property Insurance

When we say property insurance, we are talking about safeguarding your home, apartment, business, cafe, or hospital from all kinds of damage. After all, buying a house, apartment, building, or property of any kind requires a huge investment, and if you are investing a lot of money, you will never want it to go to waste. It’s your responsibility to protect that investment. Getting insured with property insurance is a smart way to protect your money and property from unforeseen losses. 
Want to learn more about property insurance? Read on!

So, What Exactly is Property Insurance?

Property insurance is a broad term for a range of investment policies that offer property protection coverage/liability coverage to property owners. Property insurance will provide financial compensation to the policyholder if there is damage, theft, or any other mishap. 

Just one incident can cause a lot of damage. Even natural calamities like the Biparjoy cyclone, the Uttarakhand flood, and an earthquake have caused irreplaceable damage to properties all across India. Even if you don’t live in a natural disaster-prone area, you are still exposed to other risks. 

That’s why having a home insurance policy is important for your financial safety.

Types of Property Insurance

Comprehensive Cover
Property & Equipment

The property and Equipment insurance includes coverage against damage or loss of physical assets, encompassing commercial buildings, homes, equipment, machinery, and inventory.

Agreed Value Policy
Office Insurance

Office insurance will protect your office from damage and burglary and also cover damages caused by fire, earthquakes, riots, flooding, or other similar menaces. The office insurance also includes computer and other electronic device breakdowns.

Floater Policy
Construction All Risk

The construction all risk property offers protection to civil contractors against all damages or destruction caused during the construction of the building projects. The coverage includes the cost of replacement/repair for the property.

Reinstatement Value (RIV) policy
Engineering All Risk

Engineering All Risk (EAR) Insurance is another insurance policy concerning construction projects. The EAR insurance policy covers the risk of loss ascribable to the installation and erection of plant and steel structures/equipment/machinery

Specific Policy
Factory and Warehouse

This aforementioned policy insures damage to warehouses and items/goods stored there. With factory and warehouse insurance, you can protect your goods and warehouse even when there is frequent loading/unloading of items.

Motor Fleet

This type of insurance covers all the company’s vehicles under one single policy. The motor fleet insurance will significantly reduce the paperwork by getting one insurance policy. You get more negotiating power with the insurer.

Why Do You Need Property Insurance?

It is advised to get property insurance to avert all sorts of financial burdens that can occur due to the damage caused to your property. Some other reasons to have property insurance are:

  • With property insurance, you can get comprehensive coverage for both the content inside the property and the structure of your home.

  • A property insurance policy will help you protect your valuable assets from all kinds of mishaps.

  • In the event of any kind of damage to your insured property, the cost of restoration will be covered by your property insurance.

  • Property insurance also offers coverage for vacant houses. So, if you are away from your home, the cost of repairs will be covered.

  • Property insurance can cover both partial and total losses Thus, the policy can be customized to provide for the revocation cost of the asset.

Who Needs Property Insurance?

Idealistically, everyone who own’s any type of property, be it a house or an office, should get property insurance to ensure that their property is protected from all kinds of damage that can occur due to unforeseen circumstances, be it a natural calamity, theft, explosion, fire, or something else. Individuals who should get property insurance today are:

  • Homeowners : Whether it’s your old home or your newfound dream home, a house is always a precious possession. Thus, it’s important to get property insurance. This way, only you can protect your pocket and your home.

  • Renters : Ideally, people assume that property insurance is only for those who own the property. But, people who have rented homes can also buy property insurance for their home, office, or business building.

  • Small Business Owners : If you are a small store owner or you run a small boutique with property insurance, you can rest assured that you are safeguarding your business from all potential risks and losses.

  • Medium Business Owners : Even a medium-sized enterprise owner can get property insurance as a cover for any damage or loss that could be caused by fire, explosion, or a natural calamity.

  • Large Enterprises : If you have a big business and own multiple properties, get property insurance to protect all your business properties at once.

What Is Covered Under Property Insurance?

As always, consulting with an insurance professional is the best way to get all the details about your insurance coverage. However, in general, your property insurance will cover:

  • Fire : Fire can engulf your dream property. With property insurance, you can cover the damages caused by a fire so that you can rebuild your home.

  • Theft/Burglary : Thieves can steal your valuable jewelry and other precious home/office equipment.  With property insurance, you can sleep tension-free at night.

  • Electrical Breakdown : It’s really hard to imagine our lives now without electrical appliances. Thus, it’s more crucial to get them all insured to get coverage during an electrical breakdown.

  • Natural Calamities/Man-made Hazards : If your property gets damaged due to natural calamities like a cyclone, earthquake, or flood, there’s no need to worry- it’s all covered under property insurance. Property insurance also provides coverage against man-made hazards like strikes, riots, and terrorism.

  • Accidental Damage : With property insurance, you can get coverage for expensive fittings and fixtures. In case of any accidental damage, these precious belongings can be safeguarded.

What Is Not Covered Under Property Insurance?

Getting to know what is not covered by the policy is also very useful. It will help you make informed decisions while filing the claim. So, things that are not covered under property insurance are:

  • Any loss/damage that occurs due to events like war, invasion, or acts of foreign enemies is not covered by property insurance.

  • Any loss caused by damage to precious collectibles like works of art or coins will not be covered.

  • Any possession of your property that is over 10 years old will not be covered under property insurance.

  • Consequential losses are the kind of losses that aren’t the natural result of the breach, such losses are not covered.

  • If any kind of damage to the property is done willfully, then it remains uncovered.

  • Any loss/damage due to third-party construction is not covered under the insurance.

  • Any wear and tear, or maintenance/renovation is not covered

  • The cost of land does not come under property insurance.

  • Any under-construction property is not covered.

How To File a Property Insurance Claim?

To claim your property insurance plan in India, you must follow the steps mentioned below:

  • First, immediately inform your insurer about the damage caused to your property, along with a rough estimate of your damaged valuables, by filling out a duly signed claim form. (Don’t do any repairs at this stage.)

  • A surveyor will be appointed to scrutinize the damage caused and give a report on it. 

  • Submit the original documents as asked by the insurance company. 

  • After a heads-up, you can carry out the repair work and claim for the expenses within the limits of the assured sum. 

  • You will also have to submit the original bills/receipts. The net liability will be computed based on the surveyor’s report, and your bill will be settled.

Documents required to file the claim

The documents required to claim insurance vary with different insurance companies. However, some of the common documents needed to claim property insurance are:

  • Copy of duly signed claim form

  • The building plan

  • FIR copy/fire brigade report (or any document showcasing the reason for damage).

  • Bills and receipts Damage certificate, if it’s machinery/equipment

  • KYC documents

  • Canceled check

To Sum Up!

Property insurance gives much-needed protection to your home and the valuable assets that you have built with hard work. 
Moreover, purchasing insurance from Policy Wings is as easy as making tea. You just have to put in your details and then search for the right insurance plan for your property by comparing different insurance plans given by different insurers, all on one platform.

Frequently Asked Questions

Yes, you can purchase property insurance online with Policy Wings. You just have to visit our website, understand property insurance, learn about the coverage, and that’s it, make the right purchase.

The contents of your property, be it a home, office, or building, are covered under your property insurance policy. These contents can be furniture and fixtures, television sets, home appliances, kitchen appliances, and other household items.

No, it's not compulsory to buy property insurance from only designated banks because the banks will offer property insurance clubbed with a home loan. Nevertheless, you will always have the choice to compare different property insurance plans available on the market at Policy Wings and buy a plan that best suits your needs.

Several parameters determine the cost of the premium. Some of these parameters are:

  • The type of property insurance policy

  • The nature of risk involved in the business

  • Past claim settlements and more.

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