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All you need to know about property insurance in 7 facts

Property insurance is one of the most important insurance coverages that provides protection to residential buildings and other properties and their contents and protects them from potential dangers such as: natural disasters and storms, and covers losses resulting from fire, explosion or theft.

1. It is an insurance in which the property is subject to insurance, the most important of which are "insurance against the risk of fire, insurance against the dangers of maritime transport (drowning, fire, collision, damage), insurance against aviation hazards (damage or loss of aircraft), insurance against automobile hazards (Collision, fire, damage), theft risk insurance

2. Property insurance is divided into fire insurance, engineering insurance, car insurance, marine insurance, energy insurance, and aviation insurance.

3. Includes insurance for a particular property and is limited to insurance for fire or theft only, and the insurance company monitors a list of lost losses and the cause of damage, but does not include insurance against floods or damage resulting from terrorism or war.

4. The maximum value of the insurance coverage is determined based on the value of the insured home and the value of its contents according to estimates, in addition to the benefit of liability to third parties and servants and the value of additional expenses to find alternative housing in case the insured home is damaged. Compensation is made on the basis of repair, replacement or monetary compensation.

5. The importance of property insurance is due to the protection of the risks that are expected to occur in the property and the valuable tools it contains.

6. The property insurance policy may include coverage for loss or damage resulting from exposure to theft of the contents of the home, within the limits of the coverage provided by the policy. Attention should be paid to exceptions that do not require insurance companies to bear losses that expose the contents of the house to theft; For example, but not limited to: property left outside the building unattended is exposed to theft, or if the buildings are not closed, or if the insured, any of his employees, any of his family members or any of the permanent residents is involved or participating in the crime of theft.

7. The policy may cover the legal liability of the insured, including legal costs and expenses, with the written consent of the company, for accidental death or bodily injury to which any domestic worker may be exposed while exercising their work within the residence of the insured or during his temporary stay anywhere in the Kingdom or while he is inside a vehicle that is used by the insured or any of those residing with him in the home.