Property Insurance & General Insurance

General Insurance

General Insurance typically comprises of insurance that is not determined to be life insurance. It does include property insurance, Liability, Directors and Officers, Personal Accident and illness and Professional Indemnity.

What is Property Insurance?

Property insurance will provide financial safety to your assets like your house or commercial building. The best thing about this property insurance is that it can be completely customised and tailored to suit your needs. Since your house is among your biggest financial assets,you need to ensure its safety in case of any unfortunate events by getting property insurance

What does your Property Insurance cover?

The property insurance will depend upon the terms and conditions stated your policy. Typically there are two types of property insurance coverage's: open perils and named perils. Open perils will provide coverage for all causes of loss and damage which are not particularly excluded in the policy. The usual exclusions include damage from floods, earthquakes, acts of war and terrorism, and nuclear incidents. When you get a property insurance policy which covers only named perils, the specific types of causes of damage should be listed in the policy in order for you to get compensation in case of these circumstances. These events usually include explosion, theft, lightning, and fire.

Is it important to have Property Insurance?

Yes it is. We cannot foresee any accidents or natural calamities that might occur. It is in your best interest to be prepared just in case of any disaster. Apart from this, having property insurance would keep in you in peace and have a smooth life.

Suitable general Insurance covers are necessary for every family. It is important to protect one's property, which one might have acquired from one's hard earned income. A loss or damage to one's property can leave one shattered. Losses created by catastrophes such as the tsunami, earthquakes, cyclones etc have left many homeless and penniless. Such losses can be devastating but insurance could help mitigate them. Property can be covered, so also the people against Personal Accident. A Health or General Insurance policy can provide financial relief to a person undergoing medical treatment whether due to a disease or an injury.

How long the General Insurance term is going to be?

Most general insurance covers are annual contracts. However there are few that are long term..