What is Property Insurance?
Property Insurance provides financial protection against damage or loss to physical assets, such as buildings, equipment, inventory, and personal property, due to events like fire, theft, vandalism, natural disasters, and other covered perils.
It typically includes coverage for the cost of repairing or replacing damaged property, as well as additional expenses related to business interruption or loss of income due to property damage. Property insurance is essential for homeowners, renters, and businesses to protect their assets and ensure financial stability in the event of unexpected damage or loss.
Our Range of Property Insurance:
Whose needs Property Insurance cover?
Why do you need Property Insurance?
Benefits of Property Insurance
Investment Protection
Ensures the value of your physical assets, such as real estate and equipment.
Operational Resilience
Helps avoid business disruption by covering costs related to property damage.
Legal Safeguard
Offers protection against legal claims and liability arising from property-related incidents.
Loan Approval
Facilitates securing loans or mortgages by meeting insurance requirements set by lenders.
What does Property Insurance cover & exclude?
| Coverage | Description | Exclusions | Description |
|---|---|---|---|
|
Buildings |
Covers physical damage to buildings due to fire, storms, vandalism. |
Wear and Tear |
Damage from normal wear and tear or deterioration |
|
Contents/Equipment |
Protects against loss or damage to equipment, inventory, and personal belongings. |
Negligence |
Damage due to neglect or failure to maintain property. |
|
Theft and Vandalism |
Covers loss or damage from theft or vandalism. |
Floods |
Flood damage often requires separate flood insurance. |
|
Fire Damage |
Provides financial protection against losses from fire incidents. |
Earthquakes |
Earthquake damage typically requires additional coverage. |
|
Business Interruption |
Covers lost income and expenses if property damage disrupts business operations. |
Intentional Acts |
Damage caused by intentional acts or fraud. |
|
Liability Coverage |
Protects against legal claims for injuries or damages occurring on your property. |
Acts of War |
Damage caused by war or terrorism is usually excluded. |
|
Additional Living Expenses |
Covers temporary living costs if the property is uninhabitable due to damage. |
Illegal Activities |
Damage resulting from illegal activities on the property. |
When can you Claim Property Insurance?
Here’s when you can claim each type of property insurance:
- When valuable artwork or collectibles are damaged, stolen, or destroyed due to events like theft, fire, or accidental damage.
- For damage or loss to construction projects, materials, or equipment during construction, including incidents caused by accidents, vandalism, or natural disasters.
- When engineering projects, machinery, or equipment suffer unforeseen physical damage or loss during installation, testing, or operation.
- For damage or loss involving vehicles in a business fleet, such as accidents, theft, fire, or vandalism.
- When property is damaged or destroyed by fire, including related incidents such as smoke or explosion damage.
FAQ'S
It is advisable to review your policy annually or whenever you experience significant changes, such as renovations, new acquisitions, or changes in business operations, to ensure adequate coverage.
Contact your insurance provider to discuss any changes, such as updating coverage limits, adding new properties, or modifying existing coverage.
Yes, many property insurance policies include business interruption coverage, which compensates for lost income and additional expenses if property damage disrupts business operations.
Coverage during renovations or construction may require additional insurance or endorsements, as standard policies might not cover such risks.
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