Insurance becomes an important aspect of owning property. It provides monetary safety; a financial support to the asset.
There are plentiful Indian insurance companies offering insurance policies for property. One needs to know what one wants in order to get the best plan. To buy a policy one should consider:
- Is the policy worth the property?
- What are the clauses of the policy, is it a safe deal?
- What has been the history of the insurance company?
- What are the formalities to be done to file a claim?
- How long does it take to release the payment?
- Will that be enough to compensate?
- What is the schedule of the payment of the premium?
- Is the premium amount affordable?
If these questions are answered satisfactorily, then one can think of buying an insurance policy. However, the most important factor that one should consider is that one has to pay the premium on time and fully to avail all the benefits of the policy.
There are some policies that need complete payment of a number of premiums before any claim can be filed while some other companies can avail a claim even on payment of lesser premiums. The latter type should be preferred. A common clause of insurance is that no claim can be filed within six months of buying the policy.
To get proper policy, call policy brokers of different companies and ask them to give detailed list of the dangers and a plan for sufficiently treating them. For this, you must consider that the policy should protect you against all losses and damages in the case of the prevention of any unfortunate event. If you cannot find such a policy, each category of your possession must separately be treated.
Property insurance protects you in two ways:
Financial Loss: Your property insurance will reimburse you for losses if your home or personal belongings are damaged by fire, your belongings are stolen or if any other unexpected situation that is specified under your policy occurs.
Your property insurance will also protect you against liability for accidental damage to someone else's property.
There are plentiful Indian insurance companies offering insurance policies for property. One needs to know what one wants in order to get the best plan. To buy a policy one should consider:
- Is the policy worth the property?
- What are the clauses of the policy, is it a safe deal?
- What has been the history of the insurance company?
- What are the formalities to be done to file a claim?
- How long does it take to release the payment?
- Will that be enough to compensate?
- What is the schedule of the payment of the premium?
- Is the premium amount affordable?
If these questions are answered satisfactorily, then one can think of buying an insurance policy. However, the most important factor that one should consider is that one has to pay the premium on time and fully to avail all the benefits of the policy.
There are some policies that need complete payment of a number of premiums before any claim can be filed while some other companies can avail a claim even on payment of lesser premiums. The latter type should be preferred. A common clause of insurance is that no claim can be filed within six months of buying the policy.
To get proper policy, call policy brokers of different companies and ask them to give detailed list of the dangers and a plan for sufficiently treating them. For this, you must consider that the policy should protect you against all losses and damages in the case of the prevention of any unfortunate event. If you cannot find such a policy, each category of your possession must separately be treated.
Property insurance protects you in two ways:
Financial Loss: Your property insurance will reimburse you for losses if your home or personal belongings are damaged by fire, your belongings are stolen or if any other unexpected situation that is specified under your policy occurs.
Your property insurance will also protect you against liability for accidental damage to someone else's property.
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