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Personal Property Insurance: Features and Claim Process
Feb 28, 2023

A Deep Dive into Personal Property Insurance: The Coverage, Features and How to Raise a Claim

Any form of property, be it a flat, bungalow, or commercial space is a significant investment. Pouring your savings into buying the property or taking a loan for it, you would expect it to be a safe investment. However, there is no predicting when your property may face a harmful situation where it could get extensively damaged. Having personal property insurance covers the financial losses incurred because of damage or loss to your personal property. Due to the growing awareness and popularity, you might also consider buying this insurance. Here’s a deep dive to get a better understanding of the coverage, features and how to raise a claim for property insurance.

What is property insurance?

Property insurance in India typically covers damage or loss to an individual's property and its contents. In India, you may find the following types of property insurance:

1. Home insurance

Home insurance , also known as homeowner’s property insurance, provides financial coverage for your personal property. This could be your flat, bungalow, or getaway home. The insurance provides coverage not only for the belongings, but also for the valuables and other items within the house. Damages caused due to natural and manmade calamities, theft and loss caused due to fire are covered in it.

2. Renter’s insurance

If you reside in rented accommodation, you may consider purchasing this general insurance cover. It safeguards all the belongings that you have kept in the house. Apart from damages caused due to calamities, you might get coverage from liabilities that might take place against the homeowner.

3. Commercial property insurance

If you have a business for which you bought a commercial property, this insurance may be beneficial for you. It safeguards your business interests from potential harm and damage. The policy is designed to cover commercial properties only.

4. Fire insurance

Fire is unpredictable property damage; this insurance provides financial coverage to your property. Do read the policy document carefully to know the inclusions and exclusions of this coverage.

5. Public liability property insurance

This policy is, generally, purchased by business owners. If a third-party causes damage to your property, the policy ensures financial safety from any liabilities that may arise. It has been made mandatory for business owners by the government under the Environment Protection Act of 1986 to purchase this policy. *Standard T&C apply

 Why should you buy personal property insurance?

The demand for personal property insurance in India is expected to increase as more people become aware of the potential risks and consequences of property damage, as well as the benefits of having insurance coverage. With the increasing frequency of natural disasters such as floods and landslides, this insurance is becoming a more important tool for protecting homeowners and renters against potential losses. In its efforts to increase this awareness, the Insurance Regulatory and Development Authority of India (IRDAI) came up with a mandatory policy, known as the Bharat Griha Raksha policy. Launched in 2021, every general insurer must sell this policy. The policy safeguards your house from damages that can be caused to it due to calamities. It also covers damage caused due to fire and theft. A coverage of up to Rs 5 lakhs is offered as a sum insured under the policy. *

Why should you purchase personal property insurance?

The property market is volatile. If you buy a property as an investment with the intention of selling it off after a few years, you may want it to remain intact till that point. However, you may not be able to predict when and how your property could get damaged. This could mean incurring a huge financial loss. However, going for personal property insurance may safeguard you from that loss. Financial coverage for the safety of your property is a need of time. *

How to claim compensation?

If a property that you own gets damaged, you can follow the steps to initiate the home insurance claim process :
  1. Inform your insurer about the incident
  2. Either file an FIR in the event of theft/burglary or get a fire department report in case of a fire
  3. Provide details about the damage, including items and valuables that may have been damaged or destroyed
  4. Submit the necessary documents
Once your claim is thoroughly verified, the insurer would compensate you for the damage. However, if it is found that the damage was caused due to a reason among its exclusion list, the claim would be rejected. * *Standard T&C apply


Based on these reasons, it may be clear to you how the insurance is designed to safeguard your investment and help you in the event of a disaster. To know more about this general insurance , you can get in touch with your insurance advisor.   Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.  

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