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    Let’s get you started on your Property Insurance Policy!

    \Whether you own a house, an apartment building, a shop, or any kind of property, you make a huge investment in it and it becomes your responsibility to protect that investment. This is where property insurance steps in. Whether you have one property or multiple, securing property insurance is a smart way to shield yourself from unexpected losses.

    What is Property Insurance?

    Property insurance constitutes a legal contract between the insurer and the policyholder. It is a type of insurance plan that provides coverage to the property owner from various kinds of unforeseen incidents such as theft, burglary, natural calamity, fire accidents, etc. Property insurance isn’t just about financial coverage for losses or damages; it’s like having a safety net that gives you peace of mind and a sense of security knowing that you’re protected.

    Benefits of Property Insurance

    There are various benefits of purchasing property insurance. They are as follows:

    Sense of Security

    Buying property involves a huge investment. When you insure it with a property insurance plan, it brings peace of mind and a sense of security, allowing you to live more peacefully without worrying about potential risks or losses.

    Financial Assistance

    When you buy this insurance plan, it offers a sense of security by making the insurer responsible for providing financial aid if your property suffers any loss or damage. It's like having a reliable safety net to protect your investment and ease worries about potential risks.

    Better Coverage

    Being covered by a comprehensive insurance plan offers broader protection against various unexpected events like theft, fires, natural disasters, and more. It's like having a safety shield that guards your property from a range of potential risks, giving you greater peace of mind.

    Faster Recovery

    Being covered by a property insurance plan means you know the home insurance company will compensate for losses due to accidents, natural disasters, theft, and burglary. It's a safety net that assures you'll receive support in various unfortunate situations, offering a sense of security for your property.

    Risk Cover Under Property Insurance

    This policy covers the risk of accidental damage to portable equipment like laptops, electronic devices, test and measuring instruments, etc., regardless of location, even during transit while under the personal custody of the business’s employees.

    What is Covered Under Property Insurance?

    The property insurance plan provides cover for the following:

    Better Coverage

    Being covered by a comprehensive insurance plan offers broader protection against various unexpected events like theft, fires, natural disasters, and more. It's like having a safety shield that guards your property from a range of potential risks, giving you greater peace of mind.

    Faster Recovery

    Being covered by a property insurance plan means you know the home insurance company will compensate for losses due to accidents, natural disasters, theft, and burglary. It's a safety net that assures you'll receive support in various unfortunate situations, offering a sense of security for your property.

    What is Not Covered Under Property Insurance?

    The insurer won’t offer coverage for the following:

    War

    Losses or damages incurred during a war or warlike circumstances won't be covered by the insurance policy.

    Collectible Items

    Losses or damages incurred during a war or warlike circumstances won't be covered by the insurance policy.

    Old Items

    The insurer won't offer coverage for items that are more than 10 years old.

    Consequential Loss

    If the damage isn't directly caused by an inclusion, the insurance won't provide coverage for it.

    Willful Damage

    No coverage will be provided for the willful damage to the property.

    Third-Party Construction Loss

    If loss or damage is caused to your property due to third-party construction, then no coverage will be provided.

    Wear & Tear

    The insurance doesn't cover the wear and tear of the property.

    Cost of Land

    The insurance won't cover the expenses related to the land itself.

    Under Construction Cover

    The insurance doesn't extend coverage to the insured for buildings that are under construction.

    Home Insurance

    Fire Insurance Cover

    Fire

    If a fire accident causes any damage or loss to the property, it's included in the coverage.

    Theft & Burglary

    If theft or burglary occurs on your property, the insurer will offer coverage for it.

    Electrical Breakdown

    If any of your electrical appliances gets damaged due to electrical breakdown then the insurer will provide cover for it.

    Manmade Hazard

    If there's a man-made disaster like riots, terrorism, or strikes, the insurance company will extend coverage for it, ensuring protection against such unforeseen events.

    Natural Calamity

    The insurance plan includes coverage for losses or damage resulting from natural calamities like floods, typhoons, earthquakes, and more. It offers protection against these unpredictable events, providing peace of mind for your property.

    Accidental Damages

    The insurer extends coverage for any accidental damage that occurs to the property, ensuring financial protection in such unforeseen situations.

    How to Raise a Claim Under Property Insurance?

    Here are the steps to follow when raising a claim under property insurance:

    Inform The Insurer

    Make sure to inform the insurance company as soon as possible.

    Take Pictures of The Damage

    Taking pictures of the property damage serves as evidence for your claim. It's beneficial when you're filing the claim online, providing visual proof of the damage incurred.

    Keep Documents Ready

    Prepare your documents in advance, as you'll need to submit them .

    Help Insurer During Inspection

    Once the claim is raised, the insurer will send an inspector to do an inspection and you can assist them during the inspection and answer their every question.

    Compensation

    Once the inspection concludes satisfactorily, the inspector notifies the insurer. Then, the insurer begins the compensation process, aligning with the sum insured amount you specified.

    How To Renew Property Insurance?

    When you add property insurance to your home insurance policy, it comes with a specific period of validity. To maintain continuous coverage, it’s essential to renew your property insurance before its expiration date. Here are the steps to follow:

    Step 1: Go to the insurance company’s official website.
    Step 2: Enter your details such as policy number, name, policy name, and many more.
    Step 3: Next, choose the “Renew policy” option.
    Step 4: review your plan and then proceed.
    Step 5: Customize your plan by adding or removing specific add-ons based on your needs.
    Step 6: You’ll now see the total final premium amount displayed.
    Step 7: Pay the premium amount using credit/debit, net banking, UPI, and many more at your convenience.
    Step 8: The insurer will send a confirmation message to your registered mobile number and an email to confirm the transaction.

    Ensure you renew your insurance plan prior to the expiration date to maintain continuous coverage.

    Why Buy From MyPolicyExpress?

    Purchasing property insurance from MyPolicyExpress can make your task easier than ever. You can buy this insurance plan on your mobile phone. You just have to download the mobile app put in your details and then search for the right insurance plan by comparing different insurance plans provided by different insurers. You can calculate the premium amount using the online home insurance premium calculator tool.

    Engineering Insurance Cover

    Machinery Break Down

    This policy covers machinery and equipment against sudden and unexpected physical loss or damage, necessitating repair or replacement, excluding specific perils listed as exceptions.

    Boiler And Pressure Plant

    This insurance policy offers coverage for various types of boilers and pressure plants. This policy protects insured boilers and pressure plants against the risks of sudden or accidental explosions and collapses. This policy also includes the insured's own surrounding property and third-party liability coverage, arising out of a sudden and unforeseen physical loss of, or damage due to the explosion or collapse of the boiler and/or pressure plant.

    Electronic Equipment Insurance

    The Electronic Equipment Insurance plan provides comprehensive coverage for electronic equipment. This policy can be expanded to cover extra expenses the insured might face to maintain uninterrupted data processing on alternative equipment. This coverage applies if these expenses result from an unforeseen loss or damage to insured property during the insurance period under the material damage section of the policy.

    Business Interruption Losses

    This policy offers comprehensive coverage against accidental physical loss or damage for contract works throughout the construction phase of a civil project. Car insurance offers 'all-risk' coverage. The coverage begins either at the start of work or after unloading the first consignment at a project site, whichever happens first, and ends upon the completion of the project handover to the principal or the policy's expiration, whichever occurs earlier.

    Erection All Risk

    This insurance policy protects against risks during the storage, ¬assembly/erection, and testing phases of Plant and Machinery. Erection All Risk insurance provides comprehensive cover. This policy provides coverage for all risks unless they are explicitly listed as exclusions. The coverage begins upon unloading the initial consignment at the project site and ends either upon the project's completion, testing, and handover to the principal, or as per the chosen policy period, whichever comes first.

    Contractors Plant and Machinery

    This policy provides comprehensive coverage for accidental and external causes leading to loss or damage to the contractor’s property. Cover operates when the insured property is at work or at rest or being dismantled to clean/reconstruct or during subsequent re-erection.

    Contractor All Risk

    This policy provides extensive coverage against accidental physical loss or damage for contract works throughout a civil project's execution. Car insurance provides coverage to "all-risk" cover. This policy includes coverage for all risks unless they are expressly mentioned as exclusions. Cover incepts from the commencement of work or after unloading of the first consignment at the project site, whichever is earlier, and terminates on handing over of works to the principal or expiry of policy, whichever is first.

    Corporate Fleet

    Managing the insurance for a company’s fleet of vehicles is a substantial undertaking, which requires investment of good time and effort.