Property Insurance in India – Benefits, Types, Things to note
Property Insurance in India: this article is about property insurance or in a narrower way, home insurance to be made for any property or home in India. The concept of Property Insurance in India is not much known in India. According to the reports of IRDA, only 1% of the Indian population has insured their homes with insurance cover. This article helps individuals to get the importance of home insurance.
Benefits of Property Insurance in India:
- Full cover towards the loss of the home in any of the cases except some of the exclusions from the list.
- It is the big relief at the time of incident of the home being destroyed or theft being occurred, it gives mental peace.
- Applying for the home insurance is very much simple and the procedures have been done very much simple for the individuals to apply for it.
- Additional benefits are also provided by some of the insurance companies such as Theft cover, Earthquake cover, etc.
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Types of Property Insurance:
1. Fire Insurance Policy – This type of the insurance has been the most popular in India, as compared to the other insurance in India. The insurance covers the property when the fire happens and the property is destroyed or something happens to the property. The fire insurance policy can be taken for houses, hospitals, dwellings, shops, plants, etc. This insurance covers the property from cyclone, typhoon, hurricane, flood, etc. Most of the fire insurance is of 1 year except some of the exceptional cases.
2. Umbrella Insurance Policy – Umbrella Policies are such policies which cover the risk after the basic insurances and the car insurances stops. This type of policies is not specifically for one kind of property or other thing.
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3. Burglary Insurance Policy – This type of insurance is taken for the protection from the burglary or from the attempt to burglary. The policy pays the actual loss caused or the sum insured whichever is less. This policy does not cover the goods which are specifically covered under some other insurance policy or the thing which is presumed to be act of god.
4. Marine Cargo Insurance Policy – This Insurance policy covers the risk of the goods which are being transited through water, rail or air transportation. For example if any vessel is fully loaded with the goods and is being transited to the foreign country and if the vessel sinks in the water than the part for which the marine insurance is taken that portion will be recovered by the insurer through successful opting for claim.
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5. Engineering Insurance Policy – This policy is taken by mostly the industrialist who has lots of machinery in the factory and has taken huge risk in running the factory. If any of the machinery stops working or any incident happens than the insurance would pay sum insured subject to terms and conditions.
Things to note before taking Property Insurance:
- Firstly check the reputation of the company for which you are willing to buy the property insurance. Research on the company and ask to as many as persons who have taken the insurance policy.
- Check the claim settlement ratio of the company, that whether the company is enough capable to pay to its clients the claims they have raised. The company with the highest claim settlement ratio should be adopted.
- Compare the policy details with that of the other companies providing the same services and the sum insured at the same time. Research needs to be done on the same manner.
- Get the policies which provides the add on covers for the policy adopted.
- Research about the premium prices in the market and what the company is charging. The one with the best insurance details and lower price should be selected.
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