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Property Insurance

Whether you own a house, an apartment building, a shop or any kind of property, you make a huge investment into it and it becomes your responsibility to protect that investment. This is where the property insurance comes up. If you own a single property or several, getting insured with property insurance is a smart way to protect yourself from unforeseen losses.

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What is Property Insurance?

Property insurance is a legal contract between the insurer and the policyholder. It is a type of insurance plan that provides cover to the property owner from several kinds of unforeseen incidents such as theft burglary, natural calamity, fire accident, etc. Getting insured with a property insurance plan will not only provide you financial aid for the loss or damage but also a sense of security.

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Benefits of Property Insurance

There are several benefits of purchasing property insurance. They are as follows:

  • Sense of Security: Purchasing a property requires a huge investment and when you get it insured with a property insurance plan then you have a sense of security in your mind and live peacefully.
  • Financial Assistance: Purchasing this insurance plan gives you a sense of security as the insurer becomes liable on behalf of you to provide financial assistance in case of any loss or damage caused to your property.
  • Better Coverage: Getting insured under a comprehensive insurance plan provides you better coverage against all kinds of unforeseen damage or loss such as theft, fire accident, natural calamity, etc.
  • Faster Recovery: When you get insured under a property insurance plan then you are aware of the fact that the home insurance company will provide compensation for the loss or damage incurred in an accident or natural calamity as well as theft and burglary.

What is Covered Under Property Insurance?

The property insurance plan provides cover for the following:

  • Fire: Any loss or damage caused to the property due to a fire accident is covered.
  • Theft & Burglary: In case of theft or burglary in your property, the insurer will provide cover for it.
  • Electrical Breakdown: If any of your electrical appliances gets damaged due electrical breakdown then the insurer will provide cover for it.
  • Manmade Hazard: The insurance company will provide cover for any man-made disaster during riot, terrorism, strike, etc.
  • Natural Calamity: The insurance plan will provide cover for loss or damage caused by natural calamities such as floods, typhoons, earthquakes, etc.
  • Accidental Damages: Coverage will be provided to the insurer for any accidental damage caused to the property.

What is Not Covered Under Property Insurance?

The insurer will not provide cover for the following:

  • War: Loss or damage caused during a war or warlike situation will not be covered.
  • Collectible Items: Loss or damage caused to the collectibles of the insured such as coins, artwork, paintings, etc will not be covered.
  • Old Items: If the item is older than 10 years old then the insurer will not provide cover for it.
  • Consequential Loss: If the damage Is not the direct result of any inclusion, then no coverage will be provided.
  • Willful Damage: No coverage will be provided for the willful damage of the property.
  • Third-Party Construction Loss: Loss or damage caused to your property due to third-party construction, then no coverage will be provided.
  • Wear & Tear: There will be no coverage for wear and tear of the property.
  • Cost of Land: There will be no coverage for the cost of land.
  • Under Construction Cover: No coverage will be provided to the insured for the under-construction building.

How To Raise A Claim Under Property Insurance?

Follow the steps mentioned below to raise a claim under property insurance.

  • Inform The Insurer: inform the insurance company as soon as possible.
  • Take Pictures of The Damage:As proof, you can click pictures of the damage caused to the property. It would help you while raising the claim online.
  • Keep Documents Ready:Keep the documents ready as you would be required to submit a set of documents along with the claim form.
  • Help Insurer During Inspection:Once the claim is raised, the insurer will send an inspector to do an inspection and you can assist them during the inspection and answer their questions.
  • Compensation: Once the inspector is satisfied, he will inform the insurer and they will initiate the compensation from their end as per your sum insured amount.

How To Renew Property Insurance?

When you purchase a property insurance add-on with your home insurance, it comes with validity. So you are required to renew it before the expiry date to get continuous coverage. Here are the steps that you can follow to renew your insurance plan:

  • Step 1: Visit the official website of the insurer
  • Step 2: Enter your details such as policy number, name, policy name, etc.
  • Step 3: Now click on the option of “Renew policy”
  • Step 4: Review your plan and proceed
  • Step 5: Add or remove any particular add-on as per your requirement
  • Step 6: Now it will show you the final premium amount
  • Step 7: Pay the premium amount using credit/debit, net banking, UPI, etc. as per your convenience
  • Step 8: The insurer will send you a confirmation message on your registered mobile number as well as a confirmation email.

Make sure that you renew your insurance plan before the expiration date to get continuous coverage.

Why Buy From Policybazaar?

Purchasing property insurance from policybazaar can make your task easier than ever. You can purchase this insurance plan on your mobile phone. You just have to download the mobile app and put in your details and then search for the right insurance plan by comparing different insurance plans provided by different insurers. You can also calculate the premium amount using the online home insurance premium calculator tool.

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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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  • Disclaimers+

    #Savings of 28% are based on the comparison between the highest and lowest premiums for a pucca building with sum insured of ₹ 1 crore at Delhi, for property age less than 5 years and policy term of 11 years.

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