Whether someone has recently made an investment in a commercial property or has just acquired a new home, property owners have the option to select an appropriate insurance policy based on the type of property they own. In India, there are several types of property insurance policies available, and the following five are essential for property owners:
Renter property insurance
Owners who intend to rent out their building or house can choose to have renter's property insurance. This insurance provides coverage for losses and damages incurred by the tenant's property and possessions within the insured rental property. These possessions typically encompass electronic appliances, furniture, and any valuable installations.
It's worth noting that many individuals also opt for this insurance in commercial scenarios.
Commercial property insurance
Commercial properties like shops, restaurants, offices, warehouses, factories, and more can be protected by commercial property insurance. This type of insurance provides a safety net for commercial properties and their assets in the event of unexpected damage or loss.
For instance, natural disasters or human-made catastrophes can frequently result in harm to business properties, resulting in significant financial losses. Consequently, obtaining insurance for one's business establishment can offer financial security to the owner in the face of such disasters.
Home insurance
Every homeowner should consider obtaining a home insurance policy to safeguard their property from theft, fire, natural disasters, and other unforeseen events. This type of policy can be applied to various types of residential establishments, including individual buildings, apartments, villas, and houses, among others. It serves as a financial safety net to assist the policyholder in covering the costs associated with property damage. This coverage encompasses damages to fixtures within the property, such as ceilings, kitchens, bathrooms, garages, or sheds. Furthermore, it extends to protecting valuables that may be stolen or damaged while on the insured property.
Fire insurance for property
Fire property insurance provides protection for establishments and properties against accidental fires and the associated risks they pose. Fire incidents, including explosions, lightning strikes, implosions, and more, can result in significant damage to both the property and its contents.
Choosing to have fire property insurance can provide a safety net for residential properties, covering the building, furniture, fixtures, and other belongings in the event of a fire. Additionally, it extends its protective umbrella to commercial or rented properties, safeguarding both the property and its contents against damages caused by sudden fires. Furthermore, this type of insurance also covers damages stemming from forest fires, missile testing operations, vehicle collisions, and similar events.
Public liability insurance
Public liability property insurance falls under the category of third-party insurance policies. It offers coverage for the financial responsibilities of the policyholder in cases of losses or damages experienced by third parties while on their property. Commercial property owners, such as those running restaurants, cafes, stationery shops, bakeries, and similar establishments, can consider opting for this insurance policy. It serves as a protective shield against the financial burdens arising from losses or damages incurred by their clients within their premises.
Nevertheless, individual homeowners or apartment owners can also acquire this policy to protect themselves from potential losses incurred by their guests or visitors while on their property. This insurance provides coverage for bodily injuries, property damages, investigations, settlements, and related expenses.