This is property insurance for legal entities and individuals. Each group has several types of insurance, which we will analyze in this article. We will go through all types of property insurance, the conditions for concluding contracts, pricing, and talk about insurance payments.
Corporate property insurance
Property insurance of legal entities includes a wide range of services. These include insurance of movable and immovable property of organizations. Entrepreneurs acquire a policy not only on their own assets, but also on rented premises and equipment. Legal entities can draw up an insurance contract for the following property:
- Motor transport;
- Special equipment;
- Cargo transportation;
- Offices, industrial premises, buildings, warehouses;
- Office equipment, production machines;
- Inventories (finished products).
When concluding an insurance contract, the objects may be buildings, office and industrial premises, structural elements, decoration, goods, finished products.
Property insurance for individuals
Property insurance for individuals can be divided into the following types:
- Mortgage insurance;
- Apartment insurance;
- Home insurance;
For all types of insurance listed above, the policy also includes protection of movable property located in a house or apartment, as well as on a suburban area.
What property can be insured against
When owning any real estate there is always a risk of losing it. No one is immune from criminal acts or their own inattention when concluding a purchase and sale transaction. Insurance companies offer programs that cover various risks, starting from the time of purchase of the property and throughout the entire period of ownership.
- With mortgage insurance, the policy protects the potential owner not only from a fire or a robbery, but also from the risk of losing ownership of the acquired housing.
- When insuring an apartment, you can protect yourself from the consequences of such risks as fire, flooding, and robbery. When purchasing a policy, the client will be financially protected not only if the apartment itself is damaged, but also things that are inside the building.
- For home insurance, additional insurance objects are added to all the risks that are included in the apartment insurance contract. This can be farm buildings and baths located on the same site, as well as elements of landscape design.
Rules and features of insurance
Given the wide range of definitions of property insurance, in each individual case you will need your own package of documents.
For an individual in the insurance of an apartment, house, car, you will need a passport and documents establishing ownership of the property.
For legal entities, the list of required documents will be longer. When insuring certain types of activities, documents may be required not only for the right of ownership or lease, but also for a license.
Insurance companies set specific rates for each type of insurance. Property insurance is not a compulsory type of insurance, and companies set their own price. Therefore, the cost of the policy can vary significantly.
As a rule, the size of the insurance amount and the risks that are included in the contract affect the cost of the policy. The cost of the contract can always be reduced if you include a franchise.
Payments upon the occurrence of an insured event are made by insurance companies a certain time after the accident. Because the insurer will need time to collect the necessary documents, and the insurer – to study them. As a rule, after all the necessary documents have been received, the insurer will agree on the amount within 14 days. In difficult situations, coordination may take longer, but no more than 45 days. After all points have been approved and the case has been recognized as insurance, the company pays compensation.
Is property insurance required
Property insurance is not a mandatory type, all contracts are concluded only at the request of the client.
With a competent approach to property insurance, the client of the insurance company will always be under reliable financial protection. The property insurance contract spells out all possible combinations of risks that are possible for a particular case. This type of insurance is relevant both for a person who has just bought an apartment in a mortgage, and for a large businessman. Because financial losses can be incurred in absolutely any situation.
On our site you will find separate articles for each type of insurance. If you have any questions, call us or write to the mail. We will always advise, and if necessary we will select the right policy.