Yes, property insurance is often a requirement when buying a home loans or mortgage. When you borrow money from a financial institution, such as a bank or mortgage lender, to purchase a property, they want to ensure that their investment is protected. Lenders or banks require borrowers to have home insurance policy or house insurance […]
Articles Tagged: Property Insurance
Difference Between Insurance Policy and Consequential Loss Policy
Overview Difference Between Insurance Policy and Consequential Loss Policy An insurance policy typically covers direct losses or damages to physical assets such as buildings, machinery, or inventory. In contrast, a consequential loss policy, also known as a business interruption policy, protects against financial losses arising indirectly due to an insured event — such as loss […]
Commercial Insurance for Cell Tower Owners & Operators
Commercial insurance for cell tower owners and operators is a type of insurance that provides coverage for the risks and liabilities associated with owning and operating a cell tower site. Cell tower sites are used to provide wireless communications services to the public. And they often involve a significant investment in infrastructure and equipment. This […]
Property Insurance Adjusters Influence Property Insurance Claims
If your home insurance policy has been assigned to an adjuster and you might be wondering, what do home insurance adjusters do? In a nutshell, property insurance adjusters, also known as claims adjusters, are professionals who are responsible for assessing and evaluating property damage or loss claims on behalf of insurance companies or policyholders. Their […]
What is the floating policy of fire insurance?
The floating policy of fire insurance is a type of property and casualty insurance that provides coverage for damage sustained to movable property due to an occurrence involving fire. The cost of such floater fire insurance policy is charged based on the total value of insured items. This would cost an average of premiums that […]
Property Insurance Coverage-Leasehold Versus Freehold Properties
Property insurance is an absolute necessity for protecting your real estate investments. Whether you’re a leasehold or freehold property owner, knowing the nuances in coverage is crucial for making wise insurance choices. Here, we’ll delve into the intricacies of property insurance policies, examining the variations between leasehold and freehold properties. Furthermore, we’ll explore additional relevant […]
Consequential Loss: Definition, Insurance, Vs. Direct Loss
Overview: Consequential Loss vs Direct Loss in Insurance Direct Loss refers to physical or immediate damage caused by an insured peril—like structural damage to buildings, broken equipment, or lost inventory. This type of loss is typically covered under standard property or casualty policies. Consequential Loss (also known as indirect or special loss) involves secondary financial […]
Impact of underinsurance on fire insurance claim settlement in Bharat Laghu Udyam Suraksha Policy
Many people opt for insurance policies because they want all or most of their risks to be covered. India’s Bharat Laghu Udyam Suraksha policy ensures such protection of your business – but there are some things a person must know before getting insurance. Let us know the relevance and impact of underinsurance on fire insurance […]
How does an insurer decide premium for high-risk businesses on Floater basis, under Bharat Sookshma Udyam Suraksha?
As India moves towards creating a more secure economy, various new schemes have been launched for the protection of business owners and their business-related properties. One such policy was launched by the Insurance Regulatory and Development Authority of India (IRDAI) is in 2021. It is known as Bharat Sookshma Udyam Suraksha Yojna. Under this policy, […]
Importance of Replacement Cost Value (RWA) in Property Insurance
Commercial property insurance is a crucial coverage that no business can do without. But have you heard of Replacement Cost Value? If not, here is the blog post jotting down the importance of replacement cost value in property insurance. It adds an advantage to your business insurance coverage. What is Replacement Cost Value? The replacement […]