What Does Property Insurance Cover?
Typical property insurance policies cover:
- Buildings/Structures: Homes, offices, factories, etc.
- Contents: Furniture, electronics, machinery, stock, and personal belongings.
- Loss of Rent or Business Interruption: If the property becomes unusable due to damage.
- Natural Calamities: Fire, flood, earthquakes, storms, etc. (depending on the add-ons or policy).
- Theft & Vandalism: Loss or damage due to burglary or malicious activity.
Types of Property Insurance in India
- Fire Insurance: Specifically covers loss due to fire and related perils.
- Office/Shop Insurance: Protects commercial premises and business assets.
- Industrial All Risk (IAR) Insurance: Comprehensive cover for large industries.
- Standard Fire & Special Perils (SFSP) Policy: Widely used for both homes and businesses.
Who Needs Property Insurance?
- Business Owners
- Factories & Warehouses
- Builders & Real Estate Developers
Why Is Property Insurance Important?
- Protects from financial loss due to unexpected disasters.
- Required for loan approval (banks often mandate it).
- Offers peace of mind for homeowners and business owners.
- Helps in faster recovery post-loss.
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