Property Insurance

Typically, the property insurance policy is designed for businesses of all sizes that own or lease commercial property. This can include retail stores, offices, manufacturing facilities, warehouses, and other commercial properties. Business owners who have invested a significant amount of money in their physical assets need property insurance coverage to protect their property from unexpected events like property damage.

Without insurance coverage, businesses may face significant costs to repair or replace damaged property, which can lead to financial instability or even bankruptcy. The property insurance policy can provide peace of mind to business owners, knowing that their property is protected. The property insurance coverage also protects against any legal claims if any injury is caused to a third party within the property premises. The property insurance in India acts as a security for lenders when seeking a mortgage as it ensures their investment is protected.

Let’s explore the different features of property insurance policy as mentioned here -

• Comprehensive policy coverage: The property insurance coverage includes protection for both the structure and the contents of the property, providing a safety net for the property owners, from entrepreneurs to shopkeepers.

• Financial protection: In the event of theft or damages caused to the property, the policy covers the loss of precious ornaments and artifacts.

• Coverage for vacant property: One of the advantages of property insurance is that it offers protection to the property even if it's left vacant by the property owner.

• Protection for personal assets of tenants: The tenants can also benefit from the property insurance coverage in the event of any damage to their personal assets while residing/operating business on the property.

• Coverage for property contents: The policy will also provide coverage when the fittings and fixtures are damaged.

The property insurance policy offers coverage for any damage or losses caused to the property in the event of a fire, vandalism, robbery, and certain natural disasters according to the policy. Let’s understand the inclusions of property insurance here –

• Physical Structures: The property insurance policy offers protection for any losses or damages on the property structure induced by

  • Man-made hazards like theft, vandalism, fire
  • Natural disasters storms, floods, earthquakes, cyclones, etc.
  • Acts of Terrorism

• Contents and belongings on Property: In the event of damage caused to the property, property insurance offers coverage for financial losses as a result of damage caused to contents as well as personal belongings on property such as furniture, artifacts, electronic gadgets, etc.

• Additional operational expenses: When the property is heavily damaged, the property insurance policy will provide coverage for temporary office premises to ensure business continuity.

• Negligence or Intentional damage: When the property is not maintained and the damage is induced by lack of maintenance or an intentional act of the property owner, the property insurance will not provide any coverage.

• Cost of the property: The property insurance does not cover the cost of the property/land in certain conditions which vary according to the different insurers.

• War: Damage invoked by events such as war, attack by a foreign enemy, and invasion are not covered under property insurance. Some insurers may provide coverage with an add-on premium.

• Property maintenance: The property insurance coverage does not include the cost of maintenance and renovation to manage the usual wear and tear.

• Specific personal assets: Some specific assets of the owner may not be directly covered under property insurance and need an add-on cover based on the value of the items.

Property insurance protects against any damages induced by natural disasters and man-made accidents to buildings, factories, shops, and offices along with personal assets. The policy coverage also includes outbuildings such as garages, parking spaces, pools, fences, etc. to ensure additional security. Furthermore, the policy also assures legal liability and medical expenditure on any damage to third parties within property premises.

When initiating a claim for property insurance, compile the required standard documents which include the complete policy document with duration of coverage, evidence of physical damage to the property (photographs, receipts), required certificates related to the property, a copy of the FIR, claims form, and any other policy documents.

The insurer will initiate an investigation of the property and review the documentation. The claims settlement amount will be decided after the investigation and the funds will be deposited into the insured’s bank account details given while purchasing the property insurance online or offline. The insurer will verify your earlier claims and history of premium payments before releasing the claims funds.

With a customer-centric approach, Covrzy focuses on simplifying business insurance and provides you with coverage that is specifically tailored to the personal requirements of the business. With Covrzy’s property insurance policy, you can experience a seamless claims process with:

• Expert consultation: To understand the different facets of your business and resolve all your niche-based queries on insurance products.

• 24*7 claims support: The claims team will support you at every step from initiating the claims, documentation and evidence submission, verification, and settlement 24*7.

• Customized policies: To simplify your insurance experience, Covrzy presents tailored policies that comply with the industry guidelines and meet the unique requirements of your business.

• Competitive pricing: Affordable business insurance premiums customized according to the specific coverage requirements of your business.

• User-friendly process: Alongside a seamless claims process, Covrzy has a user-friendly interface to help you easily calculate the property insurance cost and buy property insurance online as well.

Property Insurance provides financial protection for any losses or damages caused to the property by man-made hazards or natural disasters. The damages caused to the property may incur heavy expenses to restore and recover where the property insurance coverage helps the property owner to avert such high expenditure and have peace of mind. The property insurance premium varies according to the location of the property, value, and maintenance status of the property, property assets, and cost per square foot.