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6 Reasons Why Property Insurance is Important for You
Posted At November 2nd, 2018
Property insurance is the type of loss
insurance that protects your property or assets in the form of house (the
building) and its contents. This type of insurance is divided into two
categories; fire insurance and all risks property insurance.
Maximum
Protection
A house along with its contents is a valuable
property with the largest financial value. Such assets must get maximum
protection against all kinds of risk of loss caused by damages, losses, or
other disturbances.
Failure in setting up protection for your
valuable assets can result in a loss that can seriously worsen your financial
situation. Even more so if you do not have a sufficiently large amount of
emergency backup fund.
The followings are some items covered by a property insurance, both in the main and additional benefits.
- Building
- Jewelries and other valuable items
- Household equipment and furnishings such as couch, table, television, air conditioner, DVD player, or other electronic devices
- Third party legal liability
- Protection for personal accident caused by damage to the building incidents
- Other additional benefits.
6 Reasons Why
Property Insurance is Important
There are at least six (6) obvious reasons why
property insurance is extremely important for you to have. Below are the elaborations.
1. It Protects
the House and Its Contents
The main function of
property insurance is to offer protection for your house and its contents.
The protection for your
property covers against all kinds of risk of damages caused by fire, natural
disaster, or other factors. It also covers the risk of loss due to theft or
other criminal acts, as well as other kinds of risk of disturbances.
2. It Offers a Sense of Safety
The
existence of property insurance protection against the uncertain risks of loss
such as fire, natural disaster, theft, and so on surely gives you a peace of
mind and confidence as the owner of the assets.
Should
those risks occur and you suffer losses, the insurance company will surely give
the appropriate compensation.
3. It Has a Low Cost
For
the Indonesian Fire Standard Policy, the average premium value applied is very
low, which is about 0.50/00 from the total assets value.
For
example, if you own a house along with its contents with a total value of IDR 1
billion, then the premium you need to pay is 0.50/00
times 1,000,000,000, that is IDR 500,000 per year.
Pay
attention to the ratio between the value of coverage and the value of premium.
You only need to pay a very low amount of premium in order to get maximum
protection for your highly valued property.
Therefore,
with just a small cost, your property assets are well protected.
4. It Compensates Damaged or Loss of
Building or Property
Property
insurance gives compensation for any damage or loss of your property. The term
for compensation is that the loss is not caused by your own negligence.
5. It Keeps Financial Disturbances Away
Imagine
if your entire house building and its contents are burned down. You will surely
suffer a huge amount of financial loss. The repair and replacement costs for
all those properties are surely substantial.
Property
insurance gives compensation for that loss, so that your financial condition
remains protected.
6. It Covers a Temporary Place to Stay
Should
the risk of losses occur and cause you to lose your home, the property
insurance can provide you with a temporary place to stay for free or compensate
you for the temporary place’s rental fee.
Reduce
the Risks
If you already know the reasons why property
insurance is important, why are you still taking the risk of leaving your
property without protection?
Even though those risk of losses might not
happen to your properties, having a property insurance would successfully
minimalize the impact of those risks.
You can then have a peaceful and pleasant life.
Bandingin.com !!! helps your make smart and accurate
decision to protect yourself, your family, and future.
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