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Property Insurance
Property insurance
Insurance becomes a significant aspect of owning a property, it provides financial security; afinancial backup to the investment. Property insurance provides protection against mostrisks to property, such as fire, theft and some weather damage; this includes specializedforms of insurance for example fire insurance, flood insurance, earthquake insurance, homeinsurance or boiler insurance. Property is insured in two main ways - open perils and namedperils, open perils cover all the causes of loss not specifically excluded in the policy. Commonexclusions on open peril policies include damage resulting from earthquakes, floods, nuclearincidents, acts of terrorism and war; named perils require the actual cause of loss to belisted in the policy for insurance to be provided, the more common named perils includesuch damage-causing events as fire, lightning, explosion and theft.
Types of Property insurance 
Fire Insurance Auto insurance Earthquake insurance Home insurance Boiler insurance Title insurance There are several Indian insurance companies offering insurance policies for property. Tobuy a policy one should consider the following:Is the policy worth the property? What are the clauses of the insurance, is it a safe deal? What has been the history of the insurance company? What are the formalities to be done to file a claim? How long does it take to release the payment? Will that be enough to compensate? What is the schedule of the payment of the premium? Is the premium amount affordable? If these questions are answered adequately, then one can think of buying an insurancepolicy. However, the most significant factor that one should consider that one has to pay thepremium on time and fully to avail all the benefits of the policy. There are various policiesthat need complete payment of a number of premiums before any claim can be filed whilesome other companies can avail a claim even on payment of lesser premiums.
 
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Fire insurance
Fire insurance business in India is governed by the All India Fire Tariff that lays down theterms of coverage, the premium rates and the conditions of the Fire Policy; the fireinsurance policy has been renamed as Standard Fire and Special Perils Policy. The riskscovered are as follows:Dwellings Offices Shops Hospitals (Located outside the compounds of industrial/manufacturing risks), etc.Claims In the event of a fire loss covered under the fire insurance policy, the Insured shalldirectly give notice there of to the insurance company. Within 15 days of the occurrence of such loss the Insured should submit a claim in writing giving the details of compensation andtheir estimated values, details of other insurances on the same property should also bedeclared.To calculate the amount of premium for an Indian fire insurance policy, the property isestimated to know its market value; there are a number of other factors that are taken intoconsideration, such as the type of policy the insured has opted for. Under this concept, thepolicyholder is expected to reveal the correct details while filing the claim. There should notbe any misrepresentation of facts or figures, since wrong information will lead to the policybeing declared as void. To get a fire insurance India cover, an individual also needs to fill upthe following information in the policy form:Name, occupation and address.Subject matter description – which allows for identification in case of a fire.Information about the area where the property is situated.The purpose for which the property is being used.Whether the property is already insured.Personal insurance history. 
Documents are required for Indian Fire Insurance
The documents that the policyholder is required to produce while claiming for the loss are asfollows.A true copy of the policy along with the schedule,Past claims experience,A claim form and
 
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Photographs. Report of the fire brigade
Procedure of an Indian Fire Insurance Claim 
The insured is expected to inform the insurance company at the earliest and within 24hours.The insurance company appoints a claim representative who surveys the fire damagedproperty. The insured wants to provide the claim representative all the relevantinformation.The degree of actual loss is calculated by the claim representative.The processing of the claim takes a maximum three weeks. 
Fire insurance coverage
There are three types of insurance coverage; replacement cost pays the cost of replacinginsured’s property regardless of depreciation or appreciation. Extended replacement costwill pay over the coverage limit if the costs for construction have increased, this usually willnot exceed 20% of the limit. Actual Cash Value provides replacement minus depreciation.When insurers acquire an insurance policy, the coverage limit established is the maximumsum the insurance company will pay out in case of loss of property. This amount will need tovary if homes in your neighborhood are rising; the amount needs to be in step with theactual value of your home. In case of a fire, household content replacement is tabulated as apercentage of the value of the home. In case of high value items, the insurance companymay ask to particularly cover these items separate from the other household contents.
Auto Insurance
Auto insurance is insurance purchased for cars, trucks, and other vehicles, its primary use isto provide protection against losses incurred as a result of traffic accidents and againstliability that could be incurred in an accident. It is compulsory for all new vehicles, be it forcommercial or personal use. Insurance Companies are coming out with comprehensivepolicies for its customers; they are also tying up with leading automobile manufacturers fora swift insurance process. An automobile may be insured against loss or damage byaccident, fire, burglary, while in transit, third party accident etc, auto insurance companiescome out with unique plans for four wheelers, two wheelers, and commercial vehicles.
Features 
The primary use of auto insurance is to provide protection against losses incurred as aresult of traffic accidents.The auto insurance provides property, liability and medical coverage.
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antonebraga

Are You Disaster Ready? (hurricane, tornado, earthquake, flood, fire, etc.) What do you expect in case of an insured loss? Who cares? http://www.disasterprepared.net/sayno...

reply07 / 14 / 2009
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