Propertybharat.com is a premier indian property portal covering all india. In  this link we will try to give you some knowledge about property insurance in india. Property insurance in india  provides protection against most risks to property such as earthquake,fire, theft and some weather damage. This includes specialized forms of insurance  such as earthquake insurance, fire insurance,home insurance, flood insurance,etc. Property isinsured in two main ways - open perils and named perils. Open perils cover all the causes of loss not specifically excluded in the policy. Common exclusions on open peril policies include damage resulting from earthquakes, floods, nuclear incidents, acts of terrorism and war. Named perils require the actual cause of loss to be listed in the policy for insurance to be provided. The more common named perils include such damage-causing events as fire, lightning, explosion and theft.Here you will also find list of insurance companies in india  &  links to articles related to insurance.

Types of Coverage -

There are three types of insurance coverage.

1.Replacement cost coverage- it pays the cost of replacing your property regardless of depreciation or appreciation. Premiums for this type of coverage are based on replacement cost values, and not based on actual cash value.

2.Actual Cash value - coverage provides for replacement cost minus depreciation. Extended replacement cost will pay over the coverage limit if the costs for construction have increased. This generally will not exceed 25% of the limit. When you obtain an insurance policy, the coverage limit established is the maximum amount the insurance company will pay out in case of loss of property. This amount will need to fluctuate if homes in your neighborhood are rising; the amount needs to be in step with the actual value of your home. In case of a fire, household content replacement is tabulated as a percentage of the value of the home. In case of high value items, the insurance company may ask to specifically cover these items separate from the other household contents.

 3. Alternative living arrangements- If a fire leaves your home uninhabitable, the policy can help pay for a hotel or other living arrangements.

Home insurance policy in india also protects against other hazards like gas cylinder explosion, fire due to electric short circuit as well as man-made disaster like burglary. Home insurance policy in india can be divided into two parts:

1.Building structure

2.Contents inside the home.

Fire insurance in India-

Fire insurance business in India is governed by the All India Fire Tariff, that lays down the terms of coverage, the premium rates and the conditions of the Fire Policy. The fire insurance policy has been renamed as Standard Fire and Special Perils Policy. The risks covered are as follows:

The following causes of Loss are covered:

 Exclusions

The following are excluded from insurance coverage:

Claims In the event of a fire loss covered under the fire insurance policy, the Insured shall immediately give notice there of to the insurance company. Within 15 days of the occurrence of such loss the Insured should submit a claim in writing giving the details of damages and their estimated values. Details of other insurances on the same property should also be declared.