Property insurance is one of the most important insurance coverages that provides protection for residential buildings and other properties and their contents, protecting them from risks expected to occur such as: natural disasters, storms, and covering losses resulting from fire, explosion, or theft.
1 – It is insurance in which the property is the subject of insurance, the most important of which are “fire risk insurance, insurance against maritime transport risks (drowning, fire, collision, damage), insurance against aviation risks (damage or loss of the aircraft), insurance against automobile risks ( Collision, fire, damage), insurance against theft risks
2 – Property insurance is divided into fire insurance, engineering insurance, car insurance, marine insurance, energy insurance, and aviation insurance.
3 – Insurance includes the specific property and is limited to fire or theft insurance only. The insurance company monitors the list of lost items and the cause of damage, but it does not include insurance against floods or against damage resulting from terrorism or war.
4 – The maximum value of insurance coverage is determined based on the value of the insured dwelling and the value of its contents according to estimates, in addition to the benefit of liability towards third parties and servants and the value of additional expenses for finding alternative housing in the event of damage to the insured dwelling. Compensation is made on the basis of repair, replacement or cash compensation.
5 – The importance of property insurance is due to protection from the risks expected to occur on the property and the valuable tools it contains.
6 – The property insurance policy may include coverage for losses or damages resulting from the home’s contents being stolen, within the limits of the coverage provided by the policy. Attention must be paid to the exceptions that do not obligate insurance companies to bear losses if the contents of the home are stolen. For example, but not limited to: Property left outside the building without security is exposed to theft, or if the buildings are not locked, or if the insured, any of his employees, any of his family members, or any of the permanent residents is involved or involved in the crime of theft.
7- The policy can cover the legal liability of the insured, including legal costs and expenses, with the written approval of the company, for accidental death or physical injuries that any domestic worker may be exposed to while carrying out work inside the insured’s residence or during his temporary residence anywhere within the Kingdom or While he is inside a vehicle used by the insured or any of those residing with him in the residence.
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