Is it currently important for property insurance? And for what it is needed. Fortunately or unfortunately you decide. To date, insuring your property is not a “luxury”, but a precaution and even a necessity. Each of us came across, when neighbors are flooded with water, whose house is demolished by the village, possibly the property has been struck by lightning, someone is undermined by a natural disaster and this is only the beginning of the list.
In order for you to have the opportunity, at least somehow to compensate your expenses insurance companies today and offer such a service as property insurance.
If necessary and desire, you can insure:
Buildings of any type and type
Engineering installations that are inside the building (water supply, ventilation, sewerage, heating system)
Accessories and other movable and non-movable property
Arrangement of buildings inside (window openings, stained-glass windows, walls, ceilings)
Causing harm to third parties (civil liability)
Risks from which you can insure property:
Natural disaster (earthquake, flood, hurricane)
Ignition of domestic gas
Neutrality of neighbors / malfunction of heating, water supply, sewerage systems
Illegal actions of third parties
Damage from falling trees, electric and simple poles, flying and air vehicles, collision of vehicles
All legal entities of organizational and legal forms and all citizens can be property insurers.
Under the rules of insurance, you can insure both certain parts of the property, and all the property as a whole, i.e. a certain share or the entire value of the property.
Amount of insurance
At the time of signing the property insurance contract, the amount of insurance can not be overstated by the true value of the property. The real value of the property is its accounting (balance) value. This coefficient is applicable only to insurers of organizations. For physical persons, property valuation is determined by the insured and can not be overstated by the true (real) value of such property.
For legal entities, the assessment of the true value of property, for obtaining a loan from a bank, with insurance, is provided with an evaluation report by an independent expert-appraiser.
When purchasing household appliances on credit, for the true value of the property, the cost specified in the contract for the purchase and sale of household appliances is taken.
If the policyholder intends to mislead the insurance company with respect to the true value of the property, the amount of the property insurance contract may be challenged.
If the amount of insurance is lowered or there is less than the sum insured, then in this case the property insurance agreement will not be valid, as far as the amount that exceeds the value of the property.
If the insurance contract was not signed for the whole amount, then the insurance payment will be paid according to the system of commensurate compensation or the first system of risk.
A proportionate compensation is when the insurance company pays an amount equal to the amount of the damage to the equal paid value of the insured amount. For example, if the amount of insurance under the property insurance agreement is 10,000 somoni, and the insurance premium is 1000 somoni, but you paid only 700 somoni of the insurance premium, i.е. 70%, then naturally, when an insured event occurs, you will not be paid 10,000 somoni of the sum insured, but 7,000 somoni, i.е. 70%.
Compensation for damage under the first risk system is paid only in the amount of the insurance amount specified in the property insurance contract. If the amount of damage is greater than the insurance amount, namely, the difference between the amount of the insured amount and the true damage is not compensated.
The cost of the property insurance policy is calculated from the original insurance amount.
Insurance payments are not paid if the following events occur:
The damage caused was caused by popular unrest, military actions, strikes
Radioactive contamination as a result of a nuclear explosion
The executive bodies ordered to withdraw your property
The property naturally changed its properties (corrosion, etc.)
The insured property has become unusable due to physical deterioration
Thermal impact on the insurance object and if the insurance object is near an open fire
The insured object or its parts were damaged as a result of improper storage (flooding, penetration of natural precipitation into the room through holes or other spaces that resulted from deliberate actions, deterioration of the object or by defects that were allowed during the construction of the building
Damage to the wiring, of course, if it is embedded in insurance risks
Defect, which caused the building to collapse
If chemical or physical experiments were performed in the insured premises
Production, operation and maintenance of explosives.