Last Updated on February 26, 2020 by Gopal Gidwani

Be it your home or your professional space, properties are an integral part of our lives. Irrespective of what a property is being used for, protecting property is vital because of umpteen numbers of reasons. While the property itself has its own value, both financial as well as emotional; the contents inside the property are also important in terms of their value. Consequently, it becomes crucial to protect not just a property, but the valuables stored in it too.

Furthermore, it is important to protect property not just from the different threats of natural disaster but also that of burglary and other risks. With numerous financial institution providers offering different plans; under such circumstances, it is best to avail property insurance in India.

What is Property Insurance?
Offered by different financial institutions, property insurance is a policy which financially protects property from damage or other threats. This includes threats of natural disaster, accidents, burglary, etc. The different benefits offered by a property insurance policy in India effectively covers the financial losses that might be incurred by a property owner due to unforeseen circumstances.

Type of Properties Covered
Before understanding the benefits offered by different property policies, it is important to understand the various types of properties which can be owned in India. It is also important to note that not every insurance provider offers policies which protect all these types of properties.

1) Agricultural Property: As the name suggests, these are agricultural and farming fields which are typically large in size. A vital feature of these lands is that they are generally connected to irrigation systems. More than 50% of India’s landmass is covered by farmlands which are rich in minerals too.

2) Residential Property: Scattered over rural, urban and semi-urban spaces, most vital of the different types of properties in India covered under home insurance are discussed below in detail.
a) Houses: This actually covers many different types of residential structures, though typically these are brick and mortar houses. In the case of hilly regions, houses made of wood are also common.
b) Apartments/Flats: The most common form of residential setup in the urban and fast urbanising areas of the country, these range greatly in size. Part of a single building or a housing cooperative, these even duplex and triplex apartments are available in India now.
c) Bungalows: Constructed for individual living, these are single residential houses built on a large property.

3) Commercial Property: Much like different types of residential properties, there are quite a few types of commercial properties as well. These are discussed below:
a) Shops: The most common type of commercial properties, these are used to set up different types of commercial ventures, from stationery to garment and various other types of sales outlets.
b) Office floor: Small offices and production units often set up on a single floor of a building or share commercial space with other offices. This reduces overhead and maintenance charges.
c) Office Buildings: Mostly availed by well-established companies, these are commercial properties which are used by only one venture.
d) Industrial Space: These are commercial spaces which are used by mass production units. These spaces are used for different large scale uses, from the production of motor parts to electronic goods, garment production, etc.

Benefits of Buying Property Insurance in India
The different benefits offered by insurance providers on property insurance policies are explained below.
1) Be it natural causes like earthquake, flood, etc. or accidents like fire, explosions, etc. insurance policies cover properties financially in case of any damage.
2) In the case of burglaries, the losses are also covered under these plans.
3) Property owners can also protect the contents in the property premises in case of damage.
4) Add-ons can also be availed to protect specific valuable contents stored at the property.
5) Be it an owner, or an individual who is renting a property, few financial institutions offer their policy to everyone.
6) The customer cares of these institutions are easily available online as well as via telephone, even on national holidays.

With the different types of properties that can be owned in India, it is important to take steps to preserve it too. The numerous benefits offered by property insurance policies make them convenient options, though it is advisable for owners to compare different policies before finalising on one.