Does Property Insurance Include Natural Accidents?

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Does property insurance include natural accidents?

The importance of the property insurance policy is due to the fact that it gives you insurance coverage on your property against the risks that may be incurred as a result of natural or human accidents such as fire, theft, or damage resulting from climate changes, etc.

How to benefit from property insurance

Paid under the property insurance contract, a monthly premium commensurate with the value of the insured property and the risks agreed to be covered. In the event for example of an accident that results in the loss of this property, the insurance company shall pay the value of the losses or damages to the insured property in accordance with the terms of the policy contract.

Types of property that can be covered

The property that can be secured can be divided into three types:

1- Buildings: means the structure of the property and everything attached to it.
2- Machinery and other contents: All holdings except the stock that may be inside the property or stores.
3- Inventory: All the properties that the insured has or under his custody.

Insurance coverage

1- Covering the subject matter of insurance, whether it is real estate or transferred from risks, in addition to its contents.
2- Personal and legal liability towards deaths or damages caused by others due to accidental accidents of the insured property.
3- If you are the owner of the damaged property, the rental loss is covered, because it is not suitable for rent due to a defect or risk covered by insurance.
4- The possibility of providing alternative housing during the repair period of the damaged property.

Damages not covered by the property insurance policy

Although the property insurance policy is specifically designed to provide insurance coverage against damage to property, there are exceptional risks that do not have insurance coverage, such as:

1- Damage resulting from riots or civil unrest, if the insurance policy does not stipulate otherwise.
2- Damage caused by wars or terrorist operations
3- Destruction or damage resulting from pollution of all kinds
4- Dependent losses of all kinds
5- Damages resulting from marine hazards are to be excluded, if agreed to in the insurance policy.

Types of property insurance documents

There are many property insurance products whose benefits and conditions vary from contract to contract. Among the main types of property insurance are:

1- Fire insurance and the attached dangers
This policy may cover the losses resulting from the fire and the dangers that may be caused to the subject matter of the insurance in the specified place indicated in the contract.
2- Fire insurance for lightning strikes
This document may cover damage caused by fire or lightning hazards.
3- Home insurance
This document can provide insurance cover for residential buildings and their contents for loss or damage caused by fire, lightning, explosion (domestic), and others.
4- Insurance against work interruption
This policy covers losses resulting from interruption or irregularity of work due to a loss or damage covered under any of the property insurance policies.
5- Insurance of property against all dangers

This document covers most of the property damage and losses and what they contain. Therefore, you must determine your insurance coverage needs and your financial ability to pay the insurance premium without affecting your monthly budget.

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