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Benefits of Insurance Property and How Much Premium Must be Paid

What are the benefits of Insurance Property?

Insurance Property

What are the benefits of Insurance Property ?

Apart from getting compensation when the property is hit by fire, natural disaster, or theft, you also don’t need to pay architect fees or surveyors and consultants when renovating buildings.

With property insurance, you can live in peace. You also don’t need to worry when leaving the house for a long time because everything is protected.

How much is the premium that must be paid?

The amount of premium for property insurance is usually influenced by the location and use of the building. For example, the condition of the building, is it inhabited or has more residents left; environmental condition of the building is located; loss due to robbery or demolition that has occurred before; type and value of the property that will be insured, and whether the building has been flooded or not. So most likely, your insurance application will be rejected if you live in an area that floods every year.

The quality of the building also determines the cheap or high premium that must be paid. In property insurance, buildings are divided into three classes. The first class is fireproof, the second class is relatively fire-resistant, and the third class tends to be flammable.

The premium price for first-class is cheaper and third class is the most expensive. It should be noted, if your house is made of 100% card material, it is likely that your insurance application will be rejected. Before determining the premium, the insurance company will examine the property carefully to determine the quality of property construction.

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