Do and Don’t For Property Insurance

Property Insurance: Some things to do or not to do

You may be in a terrible loss if you have a fire or burglary in your home. Fire insurance policy protects you from all these calamities. By taking proper action when buying a policy, your mind gets complete peace and you get proper security even when you need it.

Here are some things worth doing and some worthwhile things to buy while buying property insurance

Do this

Whenever you buy a property insurance policy, you should do this:

  • Note that you can only insure property owned by you
  • Ensure that you have enough documents to prove ownership and value at the time of the claim
  • Enter the complete and correct description, address and status of the property to be covered.
  • Ask the arbitrator to give you information and explain the basis for determining the sum insured. It can be:
    • Market value basis, in which depreciation is included in the calculation, or
    • Replacement value basis, in which the cost of replacement of property is included in the calculation. Claims are paid on this basis
    • Ask for information about add-ons; Choose them according to your needs

Do not do it

  • Do not give someone else to fill your proposal form
  • Do not hide any facts or misleading information about the property and its fixes
  • Do not declare the value of your property inappropriately, dispute may arise at the time of claim