As the name suggests property insurance provides insurance cover to goods and physical equipment/assets and compensates for loss in case of any damage of the property or contents. Property insurance can be availed by households, business and manufacturing units. It is a comprehensive policy that offers a combination of policies that include homeowner’s policy, renter’s policy, flood insurance, shopkeeper’s policy, office package policy, and earthquake insurance under a single policy.
It covers the risk and the damages caused by fire, theft, wind, smoke, snow, lightning and so on. The property insurance excludes any damage that is caused by water like flooding, water seepage, stagnant water, tsunamis, cyclones, and so on. Some of the property insurance covers also exclude the losses due to earthquakes and acts of war.
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Listed below are some of the common types of property insurance:
There can be endless benefits in purchasing property insurance. Listed below are some of them:
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Property insurance policy compensates the loss incurred from natural and manmade disasters and covers both the structure and the contents. Given below are the inclusions on a property insurance policy:
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Like every policy, the property insurance plan also has a list of exclusions. The exclusions are not covered by the policy and so the policy holder will not receive any compensation for loss or damage caused due to the following reasons:
What are the other types of property insurance available?
Property insurance is a comprehensive policy that covers various insurances under a single plan. The other type of insurance available under this policy are marine-hull, marine cargo insurance, standard fire and special perils policy, burglary insurance, engineering insurance policy, office insurance, construction insurance, factory and warehouse insurance, art insurance and so on.
Who can take a Marine Cargo Insurance Policy?
Marine Insurance Policy is one of the best cargo insurance covers, which will help protect valuable cargo anywhere in the world. Property insurance policy will provide full cover against damage or loss to cargo sent by sea, road, rail or air. This policy must be availed by sellers of goods or transporters who send consignments or goods through ships, airlines or land routes.
What is not covered in a Burglary Insurance Policy?
The Burglar insurance Policy will not pay for loss/damage of the following:
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