Property Insurance – Benefits and Coverage
Property insurance provides protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, or boiler insurance.
Property insurance/Home Insurance is a service that you can purchase for your Property and its contents to stay protected from risks of losses or damages that may be caused to them by any unforeseen events. Certain incidents can lead to sudden and huge expenses, which you are generally not prepared for.
Benefits of Property Insurance
There is no denying of the fact that house insurance is a must, however, there are other benefits and riders to buying such a policy that will add convince you totally. Have a look below:
- Get comprehensive coverage to both content and structure of your Property.
- Secure your assets from any mis-happening.
- Buy Property insurance policy at comparatively lower premium rates than other insurance policies.
- Reduce stress and tension level for you’ll have a Property insurance to fall back to, in case of unforeseen circumstances.
- Timely insurance payouts allow families to go through rebuilding process quickly, helping them to move on and get back to their normal daily lives.
Features of Property Insurance
- Complete coverage against monetary liabilities arising from the damage/loss of your Property and/or its contents caused due to natural or unnatural reasons.
- 100% mental peace once there’s a solid security to fall back on, mainly in these times of social strife and environmental upheavals.
- Applying for a Property insurance policy is easy, the turnaround times are fast and most banks in India provide this dynamic product.
What is not covered?
- Destruction of property willfully.
- Damages to property due to wear and tear.
- Loss to property due to war.
- Loss to property unoccupied for more than a certain specified period.
- Money in the form of cash, antiques and collectibles.
What perils are covered?
- Fire and smoke
- Lightning strikes
- Windstorms and hail
- Vandalism and malicious mischief
- Damage from an aircraft, car or vehicle
- Falling objects
- Weight of ice, snow or sleet
- Water damage
Types of Property Insurance
Standard fireplace – This covers perils the property is exposed to such as the fire, riots, flood or storm.
Allied Perils Policy – Burglary and House Breaking Insurance Policy this mainly covers burglary or theft. If any valuable contents are stolen or damaged, the policy covers you for it.