Property insurance is a policy that provides coverage against damage or loss of property such as homes, condos, office buildings, shops, or belongings inside, due to unforeseen events such as fire, flooding, theft, or natural disasters.
Main Coverage of Property Insurance:
1. Coverage for Buildings and Structures:
o Homes, condos, factories, shops, offices, etc., from fire, lightning, explosions, floods, storms, etc.
2. Coverage for Property Inside the Building:
o Furniture, electrical appliances, office equipment, machinery, stock, etc.
3. Natural Disaster Coverage (depending on the selected plan):
o Floods, earthquakes, storms, hailstorms.
4. Theft Coverage:
o Protection in case property inside a house or shop is stolen or broken into.
5. Accident Damage Coverage:
o Such as a car crashing into a house, plane crashes, or burst pipes.
6. Liability for Third Parties:
o Coverage for expenses if the insured's property causes damage to others, such as a fire spreading to a neighboring house.
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