• Property insurance is a very essential type of insurance that every homeowner should have. Regardless of whether you own a residential property or a commercial building, it is vital to protect it with insurance. However, in order to purchase a building insurance policy, you must fulfill the specified eligibility requirements. Continue reading to learn more.

Property insurance eligibility in India

• To qualify for property insurance in India, it is necessary to be a legitimate property owner. This can apply to either a commercial or residential building. Whether you own a standalone bungalow, an apartment, or a row house, the property must be registered under your name with all the necessary documentation in order.
• If you own a commercial property, you need to be its legal owner, with official documents that substantiate your ownership.
• You must be at least 18 years old and a citizen of India to be eligible to purchase a commercial or residential home insurance policy.

Why should you purchase property insurance in India?

1. Protection for property
A homeowners insurance or commercial building insurance provides coverage for the property. If there is any damage to the structure of the home, like broken walls, water leaks, etc. , you can file a claim and receive compensation for the damages. This type of insurance also offers protection against significant issues such as theft, burglary, and fire damage, among others.

2. Protection of personal belongings
In addition to the house’s structure, a property insurance plan also safeguards the belongings within the house, such as electronic devices and furniture. If you are a tenant, you can choose a renters insurance policy to protect your personal possessions in the house. There are various types of coverage available that help ensure your safety.

3. Financial protection
Any damage to the property or personal belongings can result in a substantial financial setback. Whether you need to restore the house after a fire incident or replace all the appliances following a lightning strike, you will end up spending a significant amount of money. Obtain a property insurance plan to safeguard your finances, as the plan will reimburse you for repair expenses.

The final word

As you can see, a property insurance plan can be quite beneficial in protecting your assets. Find the most appropriate commercial or residential building insurance coverage and safeguard your valuable property with it.

Disclaimer: The above information is intended for illustrative purposes only. For further details, please consult the policy wording and prospectus before finalizing the sales.