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Why Would You Need A Property Insurance Policy

Written By Tuesday, August 15, 2023 Add Comment

Why Would You Need A Property Insurance Policy

Why Would You Need A Property Insurance Policy

Why would you need a property insurance policy?

property insurance One of the most important insurance products that provide protection for residential buildings and their contents and protect them from expected risks such as: natural calamities, hurricanes, and cover damages caused by fire, explosion, theft or any accident cause damage or damage to the house, subject to the conditions and exceptions set forth in the document. Where the insurance company indemnifies the insured for partial or total damage or loss of the insured property as a result of the occurrence of one of the risks contained in the insurance policy and therefore the customer must ensure that he understands those benefits and liabilities Which will result in getting a property insurance policy through a clear reading of the terms, and for the customer to choose an insurance policy suitable for his financial needs.

Types of perils that building and house contents may be covered in a property insurance policy. The insurance company covers expenses and costs resulting from the risks mentioned in the insurance policy, which may include compensation for expenses incurred in connection with accidental damages caused by water or sewage installations, electricity and telephone cables, in addition to damages. Is. Personal property, furniture, or any property that falls under the statutory responsibility of the Insured, or any permanent resident, unless otherwise stated in the document.

piracy operations

A property insurance policy may include coverage for loss or damage caused by theft of home contents within the limits provided by the policy. Exceptions should be noted that do not require insurance companies to tolerate stolen home contents. For example, but not limited to: property left outside a building without security is stolen or if the building is not closed or if the insured or any of its users or a member of his family or a permanent resident is involved or includes the offense of theft.

LIABILITY TO OTHERS Compensation for all sums liable to be paid to the insured as the owner and/or occupant of the home in respect of accidental death, bodily injury, illness and the cost of treatment for others, accidental loss and damage Other than property located inside or around buildings during the term of the insurance policy. It can exclude losses and damages that are not covered by this insurance coverage.

Responsibility towards domestic workers

The document may cover the liability of the statutory insured, including legal costs and expenses, with the written consent of the company in respect of accidental death or bodily injuries to which any domestic worker may be exposed to the insured’s residence or during his/her temporary stay could. anywhere in the State or when it is inside a vehicle used at residence by the insured, or any of its residents.

alternative accommodation

A property insurance policy may cover the costs of providing an alternative accommodation in the event the home is exposed to damages arising out of insured perils, which render the housing inaccessible. In respect of additional costs of alternative accommodation to be borne by the insured, it is determined that the market value of the rental specified for this item and the indemnity value does not exceed the terms and conditions for that coverage in the document.

Before signing an insurance policy, the customer should read and understand all the terms and conditions of the policy, and should familiarize himself with the risks not covered under the policy. A property insurance policy sets a framework for the rights and obligations of both the customer and the insurance company. If the customer faces any problem or irregular handling during the processing of claims, he can submit a complaint to the insurance company.

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