Who is eligible for property insurance?

Posted on: Jul 31, 2024 | 3 mins | Written by: HDFC ERGO Team

Who is eligible for property insurance?

Property insurance is a very crucial form of insurance that every homeowner needs. Whether you have a residential property or a commercial building, securing it with insurance is of utmost importance. However, to be able to buy a build insurance policy, you need to meet the specified eligibility criteria. Read on to know more.

Property insurance eligibility in India

To be eligible for property insurance in India you need to be a legitimate property owner. This can be for a commercial or residential building. You may have a freestanding bungalow, an apartment or a row house, but the property must be registered in your name with all the proper documents in place.

If you have a commercial property, you need to be the lawful owner of it, with legal documents proving your claim.

You must be over the age of 18 and be a citizen of India to be able to buy a commercial or residential home insurance plan.

Why should you buy property insurance in India?

1. Protection to property

A home owners insurance or commercial building insurance extends coverage to the property. If there is any damage to the structure of the house such as broken walls, water leakage, etc, you can make a claim and get compensated for the damages. Such an insurance cover also offers protection for serious issues like theft, burglary and fire damages, among others.

2. Protection of personal belongings

Apart from the structure of the house, a property insurance plan also offers protection for the belongings inside the house such as electronic appliances and furniture. If you are a tenant, you can opt for a renters insurance cover and keep your personal belongings in the house safe. There are many types of covers available that help you to live safely.

3. Financial protection

Any damage to the property or belongings can lead to a huge financial blow. Whether you need to restore the house after a fire accident or you need to replace all the appliances after a lightning strike, you will end up spending a lot of money. Get a property insurance plan and keep your finances protected as the plan would compensate you for the repair costs.

The final word

As you can see, a property insurance plan can be very helpful in keeping your assets safe. Find the most suitable commercial or residential building insurance cover and protect your precious property with it.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

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