Property Insurance

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Property insurance provides coverage for insured property and compensates for loss associated with fire, theft, vandalism or natural calamities. The contents within the property are also covered by property insurance. Property insurance includes many forms of insurance, including:

  • Fire Insurance
  • Flood Insurance
  • Earthquake Insurance
  • Boiler Insurance
  • Home Insurance

How to Acquire Property Insurance?

Property insurance can be acquired in two main ways:


Property insurance provides coverage for insured property and compensates for loss associated with fire, theft, vandalism or natural calamities. The contents within the property are also covered by property insurance. Property insurance includes many forms of insurance, including:

  • Fire Insurance
  • Flood Insurance
  • Earthquake Insurance
  • Boiler Insurance
  • Home Insurance

How to Acquire Property Insurance?

Property insurance can be acquired in two main ways:

Open Perils: This type of insurance covers all the losses that are not specifically excluded in the policy. The insurance company compensates for damage to property due to flood, earthquake, war or terrorism, as well as nuclear incidents.

Named Perils: This type of policy provides coverage for damage-causing events that are specifically listed in the policy documents. This means that if the mentioned causes of loss are fire and burglary, one cannot claim for damage caused by an earthquake.

Why do you Need Property Insurance?

Property insurance safeguards your financial future if certain damages occur to your property or a third party files a negligence suit for damages suffered on your property. Property insurance will reimburse you for damages due to fire, theft and unforeseen calamities, as well as situations that are specified in your policy. This policy will also compensate for accommodation and restaurant meals while your home is being repaired.

Property insurance also includes protection for personal liability in situations where someone, such as tenant or your neighbor, is injured while visiting your home or property. This kind of situation is extremely perilous because the visitor might sue you for negligence and you could end up paying a hefty sum in compensation. Property insurance also provides cover for unintentional damage to someone else’s property.

How to Choose the Right Property Insurance Policy

You can protect your property against the most likely causes of loss by choosing the right property insurance cover. If you have personal belongings, such as jewellery, artwork or computers, and you can afford the loss of these items, then choose a lower level of coverage for your belongings.

Raising your deductible will also lead to lower premiums. A deductible is a small share of the total claim that you will have to pay when you claim for the damage, while the rest is paid by the insurer.

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Household Contents Insurance

As the name suggests, home contents insurance gives coverage for damage or loss caused to the content of your home resulting from a fire, windstorm, flood or burglary. Although a majority of us do have our houses insured, we often fail to think about the possessions that help make our homes comfortable. Precaution is always better than cure and it is helpful if we are prepared for any unfortunate eventuality, be it a natural disaster, an accident or a theft. Home contents insurance can help you replace or repair your lost or damaged belongings.
What does Home Contents Insurance cover?

Home contents insurance gives cash for any belonging covered by the policy. The old belongings are replaced by new ones up to the insurance threshold, irrespective of how old the belongings are. If the damage extends to electrical devices or computers, the insurance company covers the expense incurred in replacing or repairing them. The sentiments attached to antiques or possessions that have emotional value cannot be replaced but adequate cash cover is given for them.
How does Home Contents Insurance work?

The first step towards getting house contents insurance would be to figure out the amount of coverage that you will need for your possessions in the event of any untoward incident. The cost that you will incur to replace them and not their market value is the amount of coverage that you will need. Factors such as the history of previous claims, location of your house and security arrangements for it are instrumental in the cost of your policy.
How does one derive maximum benefit from House Contents Insurance?
# If you equip your house with safety devices, you can demand considerable discount from your insurance company on the price of the policy.
# If you own a large property, it is a good idea to buy a comprehensive insurance deal covering your home contents, infrastructure and land area.
# The chances of your home getting completely destroyed and all its belongings being lost are fairly low, so try to keep your premium low unless you have extremely valuable possessions in your house.

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