Property Insurance Types

• Own House Insurance – It covers the damages and losses to the house or the person due to any unforeseen event like fire, theft, any natural disaster, etc.

• Commercial Property Insurance – It insures the risk on commercial property.

• Rented Property Insurance – It covers the damages to the property inside a rented house or office. It may also cover the persons also.

• Flood Insurance – Insures the risk of damage through Flood if not covered under any other standard insurance.

• Fire Insurance – Insures the risk of damage through Fire if not covered under any other standard insurance.

• Earthquake Insurance – It covers the risk of damage through earthquakes that are not covered under any of the above insurance.

• Builder’s Risk Insurance – Covers the risk of damage to buildings under construction or renovation.

• Condo Insurance

Benefits of Property Insurance

There are several benefits of having property insurance:

• Financial Protection – It gives financial protection against unforeseen events and risks. You become financially secure by paying small premiums. You get a substantial amount that can setback you after damage to your property.

• Assets Protection – It gives you risk coverage for various personal belongings like furniture, jewellery, electronics, etc.

• Peace of Mind – Having insured your personal properties you can enjoy your life without the fear of money loss in case of any damage to the property due to unforeseen events.

• Customizable Coverage – You can choose your insurance policies as per your specific budget.

• Liability Coverage – You can take insurance plans to repay any liability arising out due to any type of damage that occurred to any third party person or property due to an accident.

• Addition Coverage – Many Insurance Policies give you additional coverage also.

What is not covered in Property Insurance :

• The standard property insurance does not cover the damages from Earthquake. Separate Earthquake Insurance is required to be purchased.

• The standard property insurance does not cover the damages from Flood. Separate Flood Insurance is required to be purchased.

• Intentional Damage to the property

• Normal Wear & Tear of the Property is not covered by the insurance.

• Losses due to War & Terrorism

• Specific high-value assets may not be covered.

Documents Required

• Ownership or Other documents related to the property to be insured like deed or agreement.

• Property Information like the value of the property

• Inspection Report of the property to evaluate the potential risk

• Previous Insurance Policies Documents

• Identification proof like Passport/ Driving License/Any Other Government-issued document.

• Age Proof like Birth Certificate/Passport/ Any Other Government-issued document.

• Address Proof like Utility Bills/Rent Agreement/Any Other Government-issued document.

• Photographs