Property Insurance – FAQ’s

What is the key to buying a property insurance policy?
A. The first and most important for the proposer of the policy is interest in the property being proposed for insurance, i.e. such property should be financially damaged in the event of loss. Second, the proposer should present a proposal form (which can be obtained from any insurance company’s website or office). All the details in the proposal form should be given clearly, which is true according to the best knowledge of the insured and other information, which is consistent with the proposer.
Category: Property Insurance
Q. FAQ What are the different types of policies?
A. The most popular standard fire and allied disasters policy; Standard Fire and Allied Perils Policies; Which protects the most potential for the property from disasters like fire, riots, floods and storms. Theft and home robbery insurance policy (burglary and house breaking policy) protects against the loss of current property due to theft and robbery. Under the All Risk Policy, valuable items are covered and package policies are also available for planet owners and shopkeepers.
Category: Property Insurance
Q. How is insurance amount or Sum Assured fixed?
There are usually two ways for this. First – Market Value or Market Value (MV) and second Replacement Value or Reinstatement Value (RIV). In the case of MV, depreciation is applied on the basis of the age of the property, in case of loss. Under this method does not pay enough to buy another policy in lieu of the insured.

In the Reinstatement (Riv) method, in the replacement of the insurance company, any other policy purchase / replacement cost is paid, which has the highest limit amount. No devaluation is imposed under this method. There is a condition in it to get a damaged property to be repaired / repaired. It should be noted that the RIV method is permissible for permanent property and other assets like stock and stock are not for these process.
Category: Property Insurance
Q. What will be the cost of a fire insurance policy?
A. Cost or premium of a fire insurance policy may depend on these points-
Risks to be covered
The value of items to be covered
Use of proposed premises for insurance
Details of the position of proposed campus for insurance etc.
Building and occupation (occupation)
As per the non-life insurance section (excluding motor third party insurance, where premium rates are determined by the IRDA), the premium rates charged by each insurer may vary. However, they should be filed under the file and use process in IRDA.

Category: Property Insurance
Q. How can one determine the value of properties in the housing or office or industry?
A. In addition to the residences, industrial units or offices must keep their accounts documents in which the value of the property is shown, there will be no problem in determining sum assured / insured amount. In the case of housing, the details of the property can be taken after detailed categories such as furniture, clothes, bed-mattresses, kitchen appliances, electronic equipment and the sum insured can be decided.
Category: Property Insurance
Q. Fire probably can not do any harm, then why should I insure my building?
A. Fire and other hazards (usually under fire insurance policy) can cause loss / damage to buildings. There have been many such fire accidents that completely destroyed multi-storeyed buildings. Flood can also do disastrous damage. Similarly, incidents of riots and terrorism can also cause huge damage to property along with human lives.
Category: Property Insurance
Q. Can I cancel the policy in the medium term? Will I get any premium?
Yes i will get

Option for Insured: The accumulation of premium on a short-term scale and the balance will be returned if any.

Option for insurer: Return of premium will be prorated.
Category: Property Insurance
Q. What are the liabilities of the insured in case of loss?
A. Every insured is expected to behave as if he is not insured, take all precautions to prevent loss prevention and prevention. Inform the insurer so that there is a chance to inspect the loss. Inform the fire brigade which will help to extinguish the fire. The damage done by other insured property due to water during fire extinguishment will be compensated by the insurance company. Inspect the surveyor and assess the losses. If the surveyor’s arrival is likely to be delayed, then take photographs and access unaffected property at one place of safety. Give the complete claim form and documents to the insurance company in support of your claim. After the repair / replacement, submit the bill to the insurance company.
Category: Property Insurance
Q. If I have got insurance for a higher price, will I get the claim amount too high?
A. No When you apply for a fire insurance policy, the current market value of the property or the value of the property depends on the basis of the Sum Assured / Sum Assured, from which it is calculated to arrive at the correct amount of insurance should go. Compensation will be payable when covered or not