What Are The Benefits of Insurance Property? (Updated 2023)

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Centriumsquare Blog – Have you insured your property? If not, it’s about time yo did! With the rising cost of living increasing by the day, as a homeowner, it is your responsibility to protect your home and its contents. Your home is the largest and most expensive investment you will ever make in your life. It makes sense to protect your investment with insurance.

So what are the benefits of property insurance? In addition
to receiving compensation when the property is affected by fire, natural
disaster or theft, it is also not necessary to pay architects or surveyors and
consultants’ fees when renovating buildings.

With property insurance, you can live in peace. You also
don’t have to worry about leaving the house for a long time because everything
is protected.

Here 5 Benefit of Having Insurance Property in 2022

1. Liability protection

It is a lesser-known benefit for home insurance
policyholders. When you are a careful homeowner, you can avoid many accidents
and injuries, but when an accident such as fire or mechanical damage occurs
that may affect your neighbor’s home, property insurance coverage can help you.
It protects against these costly accidents and will even cover medical bills
for an injured guest at your property.

2. Protection against power failure

Power outages can occur from time to time in apartments and
can cause serious damage to appliances and significantly reduce their life.
Property insurance can cover losses due to power outages.

3. Protection from property damage

Get cover against various natural calamities like monsoons,
floods, fires, earthquakes, thefts and other weather related damages. Whatever
the size of your property, whatever the location and whatever other security
features you have added, there is always the risk of fire, flood or theft.

4. Art and jewelry protection

Guruvayur apartment owners who have expensive jewellery,
artwork or other valuable possessions in their homes may want to consider the
added benefit of home owners insurance. This will pay for any damage to your
personal property. However, keep in mind that these add-ons usually only have a
fixed amount that will be paid.

5. Business protection

When you rent out your Thrissur Flat to a third party, you
are liable for any structural damage or personal injury that you may cause in
the course of your employment. Your property insurance can provide damage
protection for all of these things.  

How much insurance premium that we need to pay?

The amount of a property insurance premium is generally
influenced by the location and use of the building. For example, the state of
the building, is it inhabited or has more inhabitants left; the environmental
status of the building is found; loss due to theft or previous demolition; the
type and value of the property to be insured and whether the building was
flooded or not. So your insurance application will most likely be rejected if
you live in an area that gets flooded every year.

You Can Read :  How to Find Affordable Homeowners Insurance for Low Income Families

The quality of the building also determines the economic or
high premium that must be paid. In property insurance, buildings are divided
into three classes. The first class is flame retardant, the second class is
relatively fire resistant, and the third class tends to be flammable. The first
class premium price is the cheapest and the third class is the most expensive.
It should be noted that if your home is made up of 100% cardboard material,
your insurance application will likely be rejected. Before determining the
premium, the insurance company will carefully review the property to determine
the construction quality of the property.

Also Read : Why Homeowners Insurance its Important & What Are The Coverage?

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