Is an insurance cover for the physical assets belonging to an individual or an organisation. There are different types of property insurances such as
- The Standard Fire & Allied Perils policy which covers most of the perils the property is exposed to like fire, riots, flood, and storm etc.
- Loss of current assests due to burglary and theft can be covered under a Burglary & House Breaking Insurance Policy.
- Valuables, electronics etc can be covered under All Risks Policies
- Package policies for House owners, Offices, shops and other commercial establishments.
- Plate Glass insurance to cover glass and mirror fixtures against breakage
Important Considerations while buying these covers:
- Understand the compensation under the policy, whether on reinstatement, replacement or depreciated value, to derive at the policy sum insured.
- Maintain and revise sum insured annually based on above point. Inadequate sum insured could lead to a proportionate reduction in compensation in case of an insured loss.
- Maintain all records and bills of purchase and ownership, to substantiate the loss
- Understand the various add on covers and conditions such as Earthquake, Loss of Profit, Escalation clause, Designation of property clause etc, before taking the cover.
Above all, ensure to check on offerings from multiple insurers for coverage and price before purchase.