Real estate has the potential to ensure high returns, making it a popular investment option. Besides, it offers a steady cash flow and several tax benefits. Therefore, it is crucial to safeguard the property from any unforeseen events.
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In this regard, buying property insurance will help guard one’s finances against losses from natural calamity, fire, theft, etc.
What Are The 5 Different Types Of Property Insurance Policies In India?
Restoring property damage can be fairly expensive. So, reputed insurance companies extend different property insurance policies to make it convenient and burden-free.
Go through the list below to understand the coverage you need for your residential or commercial property.
With this insurance policy, a policy buyer gets financial coverage if their belongings are damaged due to any man-made or natural hazards in a rented property. It covers valuable items such as jewellery, furniture, costly gadgets, and other possessions.
In fact, individuals can buy policies that protect them from any legal repercussions they might incur against the proprietor. Besides, a renter’s property insurance is beneficial for business owners. It will ensure financial aid for the products or assets that a business owner may store in a third-party storage facility.
A house is a valuable possession. That is why people install advanced equipment to protect against unforeseen damages or perils. But often, they miss out on a crucial step in this regard: protection against mishaps like fire, earthquakes, floods, explosions, etc.
In this context, a home insurance policy is a smart choice to confirm financial protection in the event of such damages. Therefore, whether you own an individual apartment, an independent house, or a villa, secure it with a comprehensive property insurance policy to avoid financial distress.
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It is prudent for business owners to safeguard working capital in the event of any mishap within the business premises and contents. So, buying commercial insurance will offer the necessary financial protection, be it warehouses, factories, retail shops, office spaces, eateries, etc.
This policy reimburses damages incurred to commercial property due to natural disasters like floods, earthquakes, etc., as well as man-made calamities like thefts, burglaries, fire, etc.
Nonetheless, do not confuse commercial property insurance with commercial general liability insurance. The latter shields against third-party obligations caused by your business.
An accidental fire is one of the biggest threats to any property. It can erupt for various reasons and add up a load of expenses for the owner to restore it.
However, if you have bought home insurance that provides coverage for your property’s content, you can also buy a fire property insurance policy for extensive financial protection.
It covers damages caused due to accidental fires and allied perils like an implosion, explosion, lightning, etc., making it an ideal choice for private and commercial properties. However, the insurer will not approve the claim if the property catches fire due to wilful negligence.
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This serves as a third-party insurance policy and is mandatory for businesses like restaurants, car garages, etc., according to the Environment Protection Act of 1986. It covers the expenses incurred due to damages caused to the customers within the property.
Even so, before selecting an insurance company to obtain any of the above-listed policies as per requirements, remember to thoroughly assess the policy terms and conditions to utilise maximum financial protection.
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