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Property Insurance

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Property Insurance

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Bharat Griha Raksha Policy

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Bharat Laghu Udyam Suraksha

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Risk Management

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What is Property Insurance?

Property insurance covers your property against damages caused by natural or man-made disasters. This insurance protects physical goods and equipment of your business or home against loss from theft, fire, and other perils. It helps cover the cost of replacement, repair, or reconstruction of the property. Property insurance provides coverage for loss from unexpected events that cause physical loss, damage, or destruction of buildings and structures, plant and machinery, stock, and other assets related to your business. All micro-level enterprises, including hotels, restaurants, offices, and others, are eligible for this policy.

Affordable property insurance plans

Types of Property Insurance coverages in India

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ICICI Bharat Sookshma Udyam Suraksha policy

The policy covers the insured property related to the business against insured perils at one location with the total value at risk up to ₹ 5 Crores. This shall
include buildings, plant & fixtures, machinery, stocks RM, and finished goods & stock in process. Read more..

Recommended for: Offices, hotels & restaurants, educational institutions / schools / colleges, shops / retail outlets, malls, industrial / manufacturing units, utilities located outside the compound of industrial / manufacturing units, warehouse / godowns.

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Bharat Griha Raksha Policy

This policy coves for your dwelling (housing societies), against Property and natural calamities such as storm, floods, earth quake, etc. This policy acts as a safety net, covering your housing societies.

Recommended for: Housing societies.

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Bharat Laghu Udyam Suraksha Policy

This policy covers the insured property related to the business against insured perils at one location with the total value at risk above ₹ 5 Crore and up to ₹ 50 Crore. This include buildings, plant & fixtures,
machinery, stocks RM, and finished goods & stock in process. Read more..

Recommended for: Small business owners, medium business owners or large business owners.

Property Insurance

Who Needs Property Insurance?

An organization, firm, institution, or individual looking to protect their property and business from unforeseen events should consider property insurance. This includes:

  • Shopkeepers, retailers, or godown/storage keepers
  • Homeowners with valuable household contents such as furniture and other valuables
  • Banks, financial institutions, research institutions, educational institutes, and similar entities
  • Both manufacturing and non-manufacturing firms

Why do you need Property Insurance?

In today's unpredictable world, safeguarding your business or personal property against unforeseen events is paramount. Property insurance offers proactive protection, ensuring financial security and peace of mind in the face of potential risks. The built-in covers include alterations or extensions, stocks on a floater basis, temporary removal of stock, cover for specific contents, start-up expenses, professional fees, costs for removal of debris, and costs compelled by municipal regulations.

Protect your investment with reliable property insurance

Other Types of Fire Insurance Policies

Insurance Companies offer the following types of Fire Insurance Plans:

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Standard Fire and Special Perils

The policy covers the insured property related to the business against insured peril at one location with the total value at risk above ₹ 50 Crores. This include Buildings, Plant & Fixtures, Machinery, Stocks RM, and Finished Goods & Stock in process.

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MSME Suraksha Kavach insurance

MSME Suraksha Kavach (Complete Fire Insurance) protects Micro, Small, and Medium Enterprises (MSMEs) from financial losses up to ₹50 crores due to physical damage or destruction of property. It covers risks like fire, explosions, implosions, lightning, landslides, subsidence, and even theft within seven days caused by these events. Designed to safeguard your business, this insurance ensures protection from both natural and man-made risks.

Types of Property Insurance Policies

What is covered in Property Insurance

Below are the detailed inclusions and exclusions of Property Insurance:

  • Fire and lightning
  • Storms, cyclones, hurricanes, typhoons, tornadoes, tsunamis, floods
  • Forest fires
  • Missile testing operations
  • Acts of terrorism
  • Bursting or overflow of water tanks, pipes
  • Explosions or collapse due to low internal pressure
  • Earthquake
  • Sinking of an area
  • Damage caused to the property when external objects crash into it
  • Riots or strikes
  • Leakage from automatic sprinkler systems
  • Theft during working hours (without any break-in)*
  • Burglary^

*This must be reported within 7 days

^This is an add-on cover and is subject to payment of additional premium

  • Loss caused by burning of insured property following orders from a public authority
  • Claims where important or relevant facts were deliberately omitted
  • Damage to stocks in cold storage due to change in temperature
  • Damage to property after undergoing any heating, drying process
  • Loss or damage due to war
  • Damage from nuclear contamination
  • Damage due to pollution
  • Missing or misplaced property without any clear evidence of loss
  • Cost incurred in preparing or submitting a claim
  • Premise is unoccupied for more than 30 days
  • Loss or damage in basement
  • Damage to kutcha (temporary or thatched) constructions

Note: Please refer policy wording of specific products for better understanding on the complete list of inclusion and exclusions.