Insurance Property

Is Property Insurance Important?

In many cases, it is necessary to know that buildings such as houses, offices, warehouses, and others. Is a very high-value investment. For that, it is very important to guard against risks that can cause damage and destruction.

With risks that can come at any time, what efforts should be prepared to deal with risks that might occur.

To protect a building from risk, you need maximum protection that can protect your building from the risk of damage or destruction that might occur at any time.

And property insurance is the best way to protect your home and property. So you don't have to worry about damage and destruction.

Property insurance can be financial protection for buildings that have been registered in the insurance policy in the event of damage or destruction. All the risks are written and listed in the property insurance policy.

There are 2 types of property insurance

In general, there are two types of property insurance, namely home insurance and business insurance.

1. Home Insurance

Home insurance is standard insurance that can provide protection against privately owned house buildings.

In different countries, property insurance coverage may vary. In view of the conditions and environmental conditions of the country.

But in general, property insurance coverage for buildings or houses is provided in the event of fire, explosion, lightning, plane crashes, and smoke.

2. Business Insurance

Business insurance has the same role as home insurance, as protection from damage and destruction. But the insurance coverage that is provided by business insurance, includes anything related to business. Such as factories, shops, malls, warehouses, and offices.

Property insurance can also include or extend to coverage in case of storms, riots, protection against valuables, protection in case of injury to a third party, financial protection in case of damage to the insured's property, and temporary living accommodation if the house or building is damaged uninhabitable.

Question

How Much is the Property Insurance Premium Cost?

Before calculating the property insurance premiums that must be paid, you must first know the total value of the assets, including the price of the building and the contents of the building. This is known as TSI (Total Sum Insured).

The total value of the assets to be given to the insured by the insurance company as the insurer.

Examples are as follows:

If the house costs $ 5,000, then the calculation of the property insurance premium is:

Asset Value (TSI) = $ 5,000 (is the price of the baggage and the contents of the building)

If the rate provided by the insurance company, for example, 0.03%

Then the premium to be paid is $ 5,000 x 0.03% = $ 1.5

If a house or building that is used for business already has an insurance policy, there will be a sense of security and peace. Because property insurance provides coverage for all damage or damage to buildings that have been insured after there is a guarantee agreement when applying for an insurance policy.