Property insurance is an umbrella term that applies to different kinds of property Policies which include Standard Fire & Special Perils Policy, Marine (Cargo), Marine (Hull), Engineering and Burglary Insurance policies. Different property insurance policies protect property like buildings, plant and machinery, stocks and other installation against losses caused by one or more perils of fire, flood, storm, earthquake, terrorism, theft, accidental damage and breakdown. These policies cover the cost to replace or repair the property. The policy provides monetary compensation to replace or repair the property.
Property insurance provides cover against wide range of perils like fire, lightening, explosion or implosion, flood, inundation, earthquake, arson, riots, burglary etc. The covers are customised and can be extended to include terrorism and loss of profit cover.
House owners, office & commercial space providers, schools, hospitals, warehouse and factory owners can buy Property insurance.