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Have Questions Concerning Property Insurance? Read This

Have Questions Concerning Property Insurance? Read This

If you, as a homeowner, believe property insurance is just an added financial burden, think again. Just like every other thing that you hold dear, your property must also be insured for protection. Buying property insurance is crucial; however, given below are a few pointers that you should be aware of:

Type of Policies – There are several insurance policies available in the market for homeowners. The most popular policies are those against fire and allied perils to protect your property from fire, riots, or flood. A house breaking policy can help protect against burglary. There are all-risk policies that protect other valuables.

Amount of Insurance – There are two methods to fix your amount of insurance. One is the market value of your property, and the other uses the reinstatement value. The first method applies depreciation on the value of the property, depending upon the age. This amount may not be enough to buy a new property in case of loss. In the second scenario, a replacement will be paid for by the insurer. This will depend on the ceiling amount mentioned in the policy. Repairs must be conducted in order to claim this amount.

Responsibilities – Even if you have invested in property insurance, it is imperative to be careful about your property. You have to take every necessary precaution to stay safe and prevent loss. If tragedy strikes, you will have to prove this to the insurer. Failure to do so may result in the non-settlement of the claim.

In case of loss, you have to inform the insurer immediately. A surveyor will be assigned to you, who has to give his report within 30 days. The extension on this cannot exceed six months. In case of grievances, an issue can be raised with the Insurance Regulatory and Development Authority of India.

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