Property Insurance

What is Property Insurance?

Be it one’s home, apartment, business, café or hospital; property insurance is an insurance policy to protect the building and its contents. The policy covers loss/damage/destruction to insured property because of fire, theft, impact damage, landslides, rockslides, natural calamities, etc.

So, whether it’s a store you’re looking to protect or your beautiful home, buying a property insurance policy from eSanad is important. This helps keep potential damage and losses at bay, by being there for you and covering you through unfortunate circumstances.

What’s Great About Property Insurance by eSanad?

Value for Money: Property Insurance is a big deal, after all its essential purpose is to cover for both your building and everything present in it! Therefore, you’ll see that property insurance premiums are usually high. However, we try our best to give you the best possible and most affordable premium to insure your property.

Covers All Business Categories: Whether you want to protect your family business, or a chain of stores, our property insurance is suitable for all kinds of businesses, no matter how big or small.

Plans for Renters: We understand that millennials today are increasingly choosing to rent and not necessarily own. That’s why we also offer plans for renters that only cover the things that YOU own.

Fire

Protects your property and its contents from damage and losses caused due to fire!

Explosion & Implosion

Covers your property from any damage or losses caused due to an explosion or implosion.

Storms

For times when a storm storms into your property too! Covers for damages due to nature’s furies such as a dreadful storm, cyclone, hurricane, etc. or even lightning.

Floods

Protects your property from losses and damage when the rains are out of control, leading to floods that could also impact your property.

Earthquakes

Nobody can avoid nature’s furies, but property insurance covers damage and losses that occur due to natural calamities such as earthquakes, landslides, etc.

Impact Damage of any kind

The policy also covers damage caused to the property or its contents because of any external physical object like vehicle, falling tree, etc.

Acts of terrorism

If the insured property suffers damage due to any act of terrorism, the policy will cover you against the damages.

Riots, Strikes

Loss or damage to property because of riots, strikes is also covered by a property insurance policy.

Our Property Insurance Offerings

Home Insurance

Our home insurance is designed to suit your home; whether it’s an apartment, villa, or independent building; home insurance helps you cover your house and its contents from unforeseen circumstances such as fires, explosions, floods, storms, etc.

Business & Shop Insurance

A business or shop insurance plan is designed to protect business related properties, such as shops, boutiques, general stores, office premises, factories, and malls amongst others from potential damages and losses caused due to natural calamities, and fires.

Things to know about Property Insurance

• Content – If you’re confused as to what ‘contents’ refers to in Property Insurance, it refers to those articles or things in your premises that are not permanently attached or fixed to the structure of Your Premises.

• Building/Structure – As the name suggests, a ‘Building’ or ‘Structure’ in your Property Insurance policy refers to the entire property structure you’re covering.

Who needs Property Insurance?

Ideally, anyone who owns any type of property whether it’s the house you’re living in or the offices that are part of your business; a property insurance ensures one is protected from many damages and losses that could arise due to unforeseen circumstances such as any natural calamity, explosion, fire, or even a burglary!

Homeowners

Whether it’s been your home for years, or is your newfound dream home, a house is anyone’s most precious possession. Thus, protecting it from circumstances out of your control is the least you can do to protect both your pocket and home.

Renters

Typically, people assume property insurance is only dedicated for people who own properties. However, at eSanad, we offer rented home insurance policies and even office insurance policy for their respective businesses. So, if you’re someone who falls into this category, property insurance is designed for you too!

Small Business Owners

Whether you run a small store or a small boutique with customized fashion and handicrafts, Property Insurance policies offered by eSanad is suitable for all types of businesses. If you’re someone running an independent, small business, a property insurance policy would be vital to protect your business from any potential losses and risks.

Medium Business Owners

If you run a chain of stores, restaurants, or a medium sized enterprise; a property insurance is also suited for medium sized business owners to cover for any damages and losses that could be caused due to fire, explosion, or natural calamities such as flood, storm, and earthquake.

Large Enterprises

If you’re someone who owns multiple properties owing to the large operations of your business, a property insurance policy is vital in protecting not one but all your properties.

Types of Home Properties Covered

Individual Apartment

This is for those who live in independent flats that are either part of housing societies or standalone buildings. The same could be either a flat owned by you or rented by you. Our product is suitable for both!

Independent Building

Perhaps you and your extended family live in a standalone building, owning, or renting flats in the entire building. In this case, you can choose to cover for them all with a property insurance policy by eSanad.

Independent Villa

If you own or have rented an independent villa or house, a Property Insurance policy is vital to protect your villa and its contents from potential risks.

Know more about Property Insurance

Why are Property Insurance plans important?

Given that both your home or your business is an integral part of your financial and social security, a Property Insurance plan is important to protect both or either from potential losses and damages that could arise out of unforeseen circumstances like floods, storms, explosions, fires or even a burglary.

Key Benefits of a Property Insurance

• Complete Coverage: A property insurance policy helps protect your property (i.e., your building or store) and its contents, ensuring your pocket is steered away from all possible losses. Additionally, many insurance providers also provide for add-ons to increase your coverage as per your needs.
• Reduces Business Risks: A property insurance policy also comes with customized ones to protect your shop and its contents, thus reducing the risk of business losses.
• Peace of Mind: Whether it’s your store or your home, both hold a large amount of financial significance. A property insurance policy prevents you from facing significant losses and ensures that you have peace of mind knowing that the insurance company has you covered.

What are the factors that affect the Premium of Availing a Property Insurance Policy?

A Property Insurance premium is primarily affected by the following factors:

• Type of Property: The kind of property you’re insuring will have a direct impact on your property insurance premium. For example, a factory would have a higher premium than that of a General Store due to the difference in the nature of the property to be insured.
• Age of Property: Like any other insurance policy, age is a prime factor in determining premium prices. The newer the property is, the lower would be its premium and vice versa.
• Area of Property: The area of the property to be insured has the highest and most direct impact on its property insurance premium. This is because a bigger property will have a higher sum insured and hence a higher property insurance premium respectively.
• Security Measures: Many homes and businesses today opt for various security measures to protect their homes and shops from risks such as burglaries and fires. Therefore, if your home or shop includes this, your risk and therefore property insurance premium will be lower.
• Additional Coverages: While a Property Insurance policy mainly covers for the building and its contents, there are other priced possessions such as any accidental in a shop or jewellery kept at home. You can opt for add-ons that will consequently give you better coverage. However, it will increase the property insurance premium.

Tips to Compare Property Insurance Plans

Deciding on the right Property Insurance plan can be a tricky choice for many faces. After all, it’s the choice you’re making to protect your lovely home, or your dear business! To choose the right property insurance plan, here are the three most things you should compare:

• Coverage Benefits: The most important part of your insurance is the kind of coverage you’re getting. You need to know what you will be covered for in the case of an unfortunate event. Therefore, always look at what is covered and what is not covered to help evaluate the most valuable plan to you.
• Sum Insured: Your Sum Insured in a Property Insurance refers to the total amount you’ll be covered for in the case of a claim you make. Therefore, be very wary about the amount you’d like to go for since this won’t only affect your property insurance premium but will also affect the claim amount you will receive in the case of damages and losses!
• Add-ons Available: Sometimes, you need coverage beyond just the basic plan benefits. This is where add-ons come into use. Different insurance providers give different ranges of add-ons for people to choose from. Compare your options and see what works for you best!

How to choose the right Property Insurance plan?

The best way to choose the right Property Insurance plan is to compare and evaluate all your options and make your choice accordingly. Look at your coverage benefits, sum insured, add-ons available, property insurance premium, customer support, etc. before choosing who you’d trust to protect your most important possession!

How to select the right Sum Insured for Property Insurance?

Your Sum Insured refers to the total value of your property, i.e., also the maximum amount you can receive in the event of a claim. So, you need to be sure that it reflects the true value of your property. To choose the right Sum Insured for your Property Insurance, you can use our calculator here that helps determine your Property Insurance premium and the recommended Sum Insured based on your property’s area.