Property Insurance

Property insurance provides financial protection against damages or losses to your property. It covers a range of policies designed to safeguard buildings, their contents, and other assets. Whether you are a homeowner, business owner, or renter, property insurance ensures your property is secure and protected against unexpected events, giving you peace of mind.

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What is property insurance?

Property insurance is a type of insurance that reimburses the damage or loss of tangible assets that occurred due to uncertain and unpredictable events. These events include fire, theft, vandalism, natural disasters like storms or floods, and accidental damage. It may also cover other liabilities arising from incidents on the property, but it depends on the policy.

Types of Property Insurance

Homeowner's Insurance

This type of insurance covers damages to the structure of your home, personal belongings, and liabilities from accidents on your property. Sometimes, it also includes additional living expenses incurred in case your home becomes inhabitable.

Renters Insurance

Renters Insurance provides protection for tenants' belongings inside the rented property and covers liability for incidents occurring in the rental.

Commercial Property Insurance

Commercial Property Insurance is especially designed for businesses to protect their buildings, equipment, inventory, and other assets from damage or loss.

Natural Disaster Insurance

Natural Disaster Insurance is an additional policy that provides coverage for unexpected events like earthquakes or floods. These disasters are typically not included in standard insurance policies, making this add-on essential for comprehensive protection.

Our Benefits

Benefits of property insurance

Financial Protection

Property Insurance protects you from major financial burdens arising from unforeseen events.

Legal and Liability Coverage

It provides legal and liability coverage by protecting you from legal costs and compensation claims if someone is injured on or near your property.

Coverage for Loss of Use

Many policies reimburse temporary living expenses in case your property becomes inhabitable due to uncertain events.

Customisable Plans

Policies and plans can be customised to include valuable items such as jewellery or other high-value items.

Factors

Factors That Influence Premiums

The house insurance policy covers different types of damage. For example, it covers issues like broken water pipelines, damaged electrical lines or cables, and structural damage to the property.

Properties that are risky and are prone to floods, earthquakes, or crime may attract higher premiums.

The higher value of the property will have a higher amount of the premiums.

Including and installing technology such as smoke detectors, security systems, and fire alarms can reduce premiums.

If there are frequent claims in the past, it may lead to higher premiums.

Exclusion

Exclusions of Property Insurance

One must be aware of some exclusions, though property insurance offers protection.

Neglect and Intentionally damaging the property.

Loss and damage from certain natural disasters unless they are covered explicitly.

Expenses and losses incurred due to wear and tear due to lack of maintenance.

It might also include some high-value items which exceed the policy limit.

Choose right property

Choosing the Right Property Insurance

Before choosing the right property insurance, it involves evaluating your specific needs:

The first thing to consider is assessing your property's value and content.

Understand and analyse the possible risks that might be associated with your location of the property.

Compare the benefits and quotes from multiple insurers to get the best deal.

Please review and read the policies and their necessary details, including coverage limits, exclusions, and add-ons, carefully.

Partners You Can Trust

We have teamed up with the most trusted names in the insurance industry to provide you reliable and high quality services. You’re in good hands—every step of the way with Supreme Insurance Brokers.

Expert Advice, Completely Free

Talk to our certified insurance advisors–Our experienced professionals are always here to guide you every step of the way.

Frequently Asked Questions

Whether you’re new to insurance or looking to deepen your understanding, this resource covers everything from the basics of policy types and coverage options to claims processes and premium details.

What things are covered by property insurance?

Property insurance covers
damages to buildings and assets caused by fire, theft, vandalism, and natural disasters.

For What type of properties can I get insurance?

Residential buildings, commercial properties, and industrial structures can all be insured under property insurance.

Can I get insurance for an under-construction property?

Under-construction
properties can be insured, usually through a specialised policy called "Contractor's All
Risk Insurance."

What is excluded from property insurance?

Exclusions typically include normal wear
and tear, intentional damage, and damages caused by war or nuclear events.

How is the premium for property insurance calculated?

Premiums are based on the
property's location, construction type, usage, and coverage amount.