Whether it’s damage from natural disasters like floods, fires, or storms, or man-made hazards such as theft and vandalism, property insurance ensures that your investment is protected by covering the cost of repairs or rebuilding, helping you recover from unexpected events without bearing the full financial burden.
In addition to protecting the physical structure, property insurance can also cover personal belongings and liabilities related to the property.
Features of Property Insurance
Property is not just your house or building; it can be your shop or machinery, factory or office. The various features of property insurance are:
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Tenure |
Property insurance offers you the flexibility of choosing the period of coverage. You can opt for a minimum tenure of 1 year so that in case of any changes, shifting of place or transfer of property, your premium amount is not wasted. |
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Heavy Discounts |
Property insurance offers attractive premium discounts of up to 45%. There are discounts on online policy purchases for salaried employees and even for long-term policies. |
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Safeguard Your Belongings |
Are you stressed about listing out your possessions that you want to safeguard from loss or damages? Not to worry. Property insurance gives you the freedom to opt for maximum coverage of flat 25 lakhs without sharing any specific list of contents. |
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Portable Gadgets Coverage |
Can you imagine an office or a shop without a laptop or even CCTV cameras? The repair and replacement costs for each of these electronics like televisions, cell phones, tablets and laptops are fully covered by property insurance. This is a huge financial relief as these are expensive gadgets and difficult to replace. |
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Add-on Coverage |
Along with coverage for natural calamities, burglaries, and fire, there is a facility to choose optional add-on coverages if you reside in areas which are socially danger-prone. There is terrorism coverage, which protects your belongings from damage caused by terrorist attacks and even the army. You can even protect your gold, silver and diamond jewellery or articles with an add-on cover equivalent to 20% of the home content sum insured. |
Why Do You Need Property Insurance?
It is necessary to buy property insurance to avoid any sort of financial burden that might occur due to damage caused to your home content/structure by fire, riots, natural calamities and other unforeseen events. Apart from this, there are numerous reasons to have a property insurance, which we will discuss below
1. With Property insurance you can avail a comprehensive coverage for both the content and structure of your home.
2. Property insurance plan will help secure your valuable asset from any mishap.
3. If any damage incurs to your insured property, the cost of repair will be covered by property insurance.
4. Property insurance provides coverage for even vacant houses. Even if you are away from your home, the cost of repairment/reconstruction will be covered.
5. Property insurance is beneficial for people who live at a rented apartment as it provides coverage for the content (belongings) and thereby avoid financial stress.
