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What Is Property Insurance
Property insurance is a broad term for a series of policies that provide either property protection coverage or liability coverage for property owners. Property insurance provides 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.
Property insurance can include a number of policies, such as homeowners insurance, renters insurance, flood insurance, and earthquake insurance. Personal property is usually covered by a homeowners or renters policy. The exception is personal property that is very high value and expensive this is usually covered by purchasing an addition to the policy called a "rider." 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.
Benefits of Property Insurance
Cover For The Structure
Structure insurance covers losses or damage against the structure of the home in case of natural or manmade calamities.
Coverage Additional Structures
Other structures coverage is the part of a homeowners insurance policy that helps pay to repair or replace structures other than your home.
Cover For Personal Possessions / Property
Personal property coverage is designed to help protect your belongings. It may provide protection in the event of a covered loss, such as theft or fire.
Cover for Alternate / Additional Accommodation
Alternative accommodation cover is a part of your home insurance policy. It comes into play if your property becomes uninhabitable as a result of: Flooding, Fire, Damage caused by a storm, Water damage from burst pipes.
Types Of Property Insurance
Home Structure/Building Insurance
Home insurance is a type of property insurance that provides coverage to the policyholder from the unforeseen loss or damage caused to the house structure.
Public Liability Coverage
Insurance policy that provides cover for any physical injury as well as property damage caused to the third party because of the policyholder or in his/her owned premises.
Personal Accident
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Burglary & Theft
The burglary or Theft insurance policies are meticulously designed to provide monetary reimbursement in case of loss or damage to a property in your premises by acts of Theft or burglary.
Contents Insurance
A type of home insurance that pays for damage to or loss of your possessions while they're located in your house or temporarily away from your home.
Tenants' Insurance
It protects tenants from the costs of unexpected personal property damage, theft and legal liability.
Property Insurance FAQ Guide
Insurance works on good faith. We as an insurance company trust our customers. Therefore, the specific and detailed listing of your contents is not always necessary when you buy home insurance from us. However, preserving the bills helps in faster claims settlement. In the absence of bills, alternate evidence will be taken into consideration.
The maximum value of jewellery covered will be 25% of the total contents or Rs.1 lakh, whichever is lower.
In case of burglary claims, surveyor assesses the loss and basis surveyor report and FIR claims would be settled.
You can make secure premium payments with your VISA, MasterCard or AMEX Credit Card.
Documents Required For Property Insurance
- Officially Valid Documents- Passport, Voter's ID, Aadhaar Card, Address and Aadhaar number, etc.(Any one)
- In addition to the Officially Valid Documents- PAN Card/Form 60
- Address Proof- Electricity Bill, Telephone Bill, Ration Card, Driving License, Passport, should clearly mention the permanent address
- Income Proof- Bank statement showing salary credit for latest 3 months, Latest 2 years Income Tax Returns, Latest year Form 16
- Medical Tests- Some companies may require medical check-up in order to make sure that the insured does not suffer from any chronic illness.