Property insurance is one of the significant aspects of protection because each of every one of us has properties whether rich or poor and it supposed to be taken well care of. Let look into the meaning of property insurance: it is the protection against risk to properties such as fire, theft and some other damages like damage caused by natural disasters like earthquake, erosion, floods, and nuclear incidents even war is also included.
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Let look into the origin or history of property insurance. According to research, it was traced to the great fire of London. Some number of people tried the fire insurance but it was off to no avail but in1681 a man known as NICHOLAS BARBON who is an economist, and eleven associates established the first insurance company in London. In the wake of the first successful venture, many similar companies were founded in the next decades; they also started giving out fire insurance to their customer to protect their properties. The first property insurance company was founded in the year 1710 through many mergers and acquisitions. In colonial America, Benjamin Franklin helped to make property insurance very popular and standard particularly the insurance company to assist in risk of fire damages.
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We also have insurance coverage like replacement cost coverage pays the cost of repairing or replacing your property. Premium is for the type that base on replacement of cost values. Extended replacement cost will pay over the coverage limit if the price for construction has increased. In the case of fire, the whole household content that was damaged will be tabulated as a percentage of the value of the properties. So you need to talk to your insurance company for advice about appropriate coverage and determine what exactly the limit appropriate for you is.


In India, the fire insurance business is governed by the all India fire tariff that lays down the term of premium and coverage. In India, fire service has been renamed to Standard Fire and Special Peril Policy. The risk India insurance company cover includes; dwelling, offices, shops, hospitals, manufacturing risk, industries, utilities located outside industry, machinery, accessories, storage risks, gas holder located outside the compound of the sector.


the following causes of loss are covered: lightning, fire, aircraft damages, riot strike, terrorism, cyclone, typhoon, storm, flood, impact damages, bursting or overflowing of tanks and bushfire. While the following are excluded from the insurance coverage. Injuries caused by war, civil war and kindred perils, loss or damages caused by nuclear activity, loss or damages to the stocks in the storage caused by a change in the temperature, loss due to overrunning of electric machines. In the event of a fire loss protected by the insurance company policy, the insured have to give notice thereof to the insurance company. Within 15 days of the occurrence of such loss, the insured should submit a claim in writing providing the detail of damages and their estimated values.
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