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Property Insurance Overview

Property insurance policy is basically designed to provide monetary reimbursement to the proprietor or renter of a structure and its contents in the event of theft or damage. Property insurance can comprise of renters insurance, homeowners insurance, earthquake insurance and flood insurance. Homeowners or renters insurance policy generally cover personal property. You will have to buy an addition to the property insurance policy called a "rider" in order to cover the damages that are particularly of high value. In such case, if a claim is filed, the property insurance policy, will either reimburse the policyholder for the replacement cost to compensate the damage or the actual value of the damage.

What Does Property Insurance in India Cover?

Perils that are typically covered under property insurance policy include the followings damages that are caused from or by:
• Fire
• Smoke
• Wind
• Hail
• Weight of ice and snow
• Lightning
• Theft and more
Property insurance policies also offer liability coverage in such cases where someone other than the property owner or renter suffers injury or damage while on the property and hence files a claim.

Property Insurance Coverage

There are mainly three types of property insurance coverage available in India:
•Replacement Cost:
This property insurance coverage pays for the expenses of replacing or repairing your property with the kind and quality. The replacement coverage is based on replacement cost values and not based on actual cash value of items.
• Actual Cash Value:
Actual cash value coverage basically covers the cost of replacement minus depreciation.
• Extended Replacement Costs:
This property insurance plan will pay over the coverage limit in case the expenses for construction have increased. This coverage typically won't exceed 25 percent of the limit. When you choose to buy a property insurance policy in India, the policy limit under the plan is the maximum amount of benefit the insurance company will provide for a given occurrence or situation.

What Is Not Covered Under a Property Insurance Plan?

Just like any other insurance policies in India, property insurance policy online also have a number of factors and circumstances that falls under the exclusions. In general, property insurance policy online does not cover the damages caused from or by followings:
• Water damage caused by floods
• Tsunamis
• Drain backups
•Sewer backups
• Groundwater seepage
• Standing water and many other water sources
• Mold
• Earthquakes
• Nuclear events
• Acts of war, such as insurrections and terrorism

How Can GIBL Help You With The Property Insurance Online?

GIBL has been serving millions of customers’ in India and has built a robust image in terms of providing the best insurance policies at affordable process. We offer free instant quotes and comparison of various policies online. And when it comes to the purchasing of property insurance online, it is our sole purpose to make sure that you online get the best coverage at a price that’s reasonable for you. We are registered with the top-rated property insurance companies in India and only bring you the quotes from them. Starting from the obtaining of the quotes to purchasing and filing a claim, we stand tall with each of our customers. You can instantly get property insurance quotes online at GIBL without any hassle and purchase thereafter.