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Property Insurance in India

Property Insurance in India

You must have heard about life insurance policies and vehicle insurance policies. But have you heard about property insurance in India? Property insurance is an important aspect of owning real estate and you must understand how such insurance can protect your commercial and residential properties from unforeseen damages. Most insurance companies in India offer home insurance that covers residential properties. However, there are other risk insurance policies in India, such as building, machinery and equipment insurance, cargo insurance, shopkeeper's insurance, as well as contractor's insurance. Depending on your requirements, you can opt for specific insurance policy for your properties.

A fire insurance policy protects your property from risk of fire, lightning, explosion, and most other forms of natural disasters. However, under the terms of the policy, war like situations, nuclear perils, and several other situations are excluded from the policy. Fire insurance policies in India are generally issued for one year and depending on the terms of the policy can extend for more than a year. You must understand the terms of the policy and hire a professional advisor before selecting any specific policy.

Another common form of property insurance is burglary insurance policy. This covers property loss, especially in shops and warehouses. However, if you are seeking protection for your entir home, then you must opt for comprehensive home insurance policy. This will not only protect your home against burglary, but also protect your house, compound wall and landscaping. You can also include coverage for rent from alternate accommodation, cover all jewelry, appliances, and devices at your home. Some policies also offer tenure discount, escalation benefits, coverage without inspection, and accidental damage protection. In the end, property insurance in India offers wide variety of protection based on your needs. If you own an apartment or flat, you can also receive insurance through an apartment association.

Some of the aspects you must keep in mind before opting for property insurance are: construction cost escalation, which generally ranges between 10-15% in cities, tenure of the cover, since long term policies can offer discounts as high as 50%, and claim settlement policy. However, learning about all these factors can be difficult unless you opt for professional advice. At HousingNinja, our Partner Ninjas provide the best advice in property insurance policies. You can Sign Up now and fill out the property insurance form to get in touch with a dedicated Partner.

You can also ask free questions in our Real Estate Forum, to learn more about property insurance polices. If you are looking to read more about Property Insurance, check out our latest Blog section. We are constantly curating the best information and articles from multiple real estate professionals all across India.