Property Insurance Classified in to two Categories by :-one related to the building and the other to the contents and valuables inside the building.


Property owners, seeking protection for both, should opt for a composite insurance or a package insurance popularly known as the `householders policy'. Depending on the requirement, they could ask for inclusion and exclusion of the covers. For those seeking protection of the building, the `Standard Fire and Special Perils Policy' is most suited. It is a tariff driven policy and the premium payable is as per the tariff. Under this policy, an owner of a property will have to pay a premium of Rs. 50 for every one lakh of rupees against standard perils like fire, flood, cyclone and inundation and an optional premium of Rs.10 for every lakh of rupees against earthquake.

For example, if the value of a property is Rs.30 lakhs, the property can be fully covered against all these perils by paying a premium of Rs.1800 per annum.

The policy conditions also provide for long-term polices for those who prefer to pay premium for certain period in advance. These are available in three types - three, five and ten-year policies. Since the premium is payable in advance, the owners are eligible for certain discounts which are 15, 25 and 50 per cent respectively.

The four nationalised general insurance companies, namely the United India Insurance, National Insurance, Oriental Insurance and New India Assurance, offer the householder's insurance policy. In addition, a few of the private players in the insurance business like Royal Sundaram Alliance Insurance Limited also market such products.

Sometime ago, the company launched Homeshield Classic - an insurance package for home contents providing protection against a wide range of risks such as fire, earthquake, terrorism, storm, flood, cyclone, burglary and breakdown of appliances. It is a package of insurance benefits designed to cover home contents including jewellery, household items such as clothing, linen, furniture and fixture, utensils and crockery and household appliances such as televisions and refrigerators. Insurance for the building can be included in the package, or can be arranged for as a separate cover.


Residential Property:

All Risks Insurance
This policy is suitable for people owning Paintings, ornaments or other valuables, which are prone to accidental loss or damage.

Burglary Insurance
This policy is suitable for people who have movable household property (appliances, jewelry and other personal effects), which are prone to theft or larceny

Domestic Appliances Policy
It is suitable to Householders owning domestic appliances viz., Refrigerators, Washing Machines, Mixer cum Grinder, ovens and gadgets of similar nature. Except TV sets for which there is a separate policy.

TV Policy
All the electronic appliances like Television, VCR or VCP or music system and associated peripherals can be covered under this policy

Electronic Equipment Insurance
The policy is suitable for people owning expensive electronic equipment.
Covers a person’s movable and immovable properties against fire and allied perils. People staying in a Rented/Leased house can take this policy, if they are responsible for the safety of the property by any covenant in the lease agreement. An individual can also insure household contents not belonging to him, but held in trust or belonging to relatives permanently staying with him.

Pedal Cycle Policy
Any person who owns pedal cycles, both private and trade cycles can avail this policy.

Plate Glass Insurance
This policy protects for loss of damage from installed plate glass of substantial value.

Transit Insurance
This policy is suitable for people who may move from one premise to another A householder may have fragile items like crockery and delicate electronic equipment, expensive furniture which require careful handling and transport. Most transporters might not even accept liability for loss or damage to the goods due to careless handling and this policy is useful for such contingencies.

Householder's Package Policy
All the householders' insurance needs are addressed and cover by a single package policy offered at economical rates of premium and it covers several of the insurance needs that are highlighted above.



Commercial Property:

Burglary Insurance
This policy is suitable for property in business premises and covers stock in trade, goods held in trust or on commission. It also covers fixtures & fitting and utensils of trade and cash and currency notes whilst secured in locked safe but excludes Gold & silver articles, jewelry or precious stones and other such valuables.

Office umbrella Policy
This is a comprehensive insurance policy suitable for offices both large and small including proprietorship and partnership concerns.

Civil Engineering Completed Risk
Owners and operators of civil engineering structures can have comprehensive insurance protection against loss or damage after the construction work has been completed and the facilities are taken over. This policy is suitable for completed works such as runways, railway lines, bridges, flyovers, etc.