Property insurance

Property insurance provides protection against the risk of most property, such as fire, theft and weather. This includes specialized forms of insurance such as fire, flood insurance, earthquake insurance, home insurance or boiler insurance. Risks and hazards identified open - property insurance in two ways. Open hazards include all causes of loss not expressly excluded in the policy. General exemption from the open policy, including damage caused by the threat of earthquakes, floods, nuclear incidents, acts of terrorism and war. These risks require the actual cause of loss in a given insurance company listed. Named common dangers damage leading events such as fire, lightning explosion, and theft.

Types of coverage

There are three types of insurance. Replacement cost coverage pays the cost of replacing your home, regardless of the devaluation or revaluation. Premiums for this type of reporting is
based on replacement value rather than actual cash value. [1] of the actual value coverage to replacement value minus depreciation. Substitute pay is more extensive than the coverage limit if construction costs have increased. This rule is not more than 25% of the limit. . If your insurance coverage limit was set, the maximum amount of insurance in case of lost treasures to pay [edit] This amount will vary if the houses in the district increases, the number must correspond to the actual value of your home. In case of fire, replacement of household goods as a percentage of the value of the house table. In the case of high value goods, insurance companies can express their demand for goods separately from goods other household. A final option is the place to cover the alternatives included in the policy for life. [Edit] When the flame leaves your home uninhabitable, the policy may help pay for a hotel or other accommodation.

Property Insurance Claim

World Trade Center

After the terrorist attacks of 11 September 2001, the jury discussed the benefits for the destruction of the World Trade Center. Larry A. Silverstein tenants more than $ $ 7000000000 studied in insurance money, he believed there were two attacks on the WTC. Insurance companies - including Chubb Corp. and Swiss Reinsurance Co - use to calculate the "coordinated" attack as a single event. In December 2004, a federal court jury to support Silverstein.

In May 2007 announced the New York Governor Eliot Spitzer will be available more than U.S. $ 4.5 billion for the reconstruction of a 16-acre (65,000 m2) WTC Complex, as part of the settlement of insurance claims.

Post-Hurricane Katrina insurance claims ownership

In the aftermath of Hurricane Katrina, thousands of homeowners filed a lawsuit against their insurance companies, accusing them of bad faith insurers and not properly and quickly adapt their claims [4] Insurance. The policy change their prices after Katrina, and saw the most action in New Orleans, their property insurance premiums doubled after the hurricane, [5] and the deductible, or even two or three-fold increase. [6] The losses from Katrina greatly affect both the affordability and the level of insurance coverage available, even in areas not affected by the storm.

Florida Consumer Choice Act

On June 24, 2009, has blocked Florida Governor Charlie Crist Consumer Choice Act (HB 1171). The bill would be defeated state regulations, and let's largest insurance companies in Florida to determine their own prices. [8] State Farm in Florida, expressed disappointment over the veto of Bill Crist said the company "will give consumers more choices when selecting insurance. It will be more to raise capital in the insurance market in Florida," [9] State Farm has proposed 47.1% increase in property insurance rates for Florida policyholders .. As a result of the relocation plan will Crist State Farm, covering more than 700,000 homes and apartment owners in 2011.

Ted has represented Corless, major insurers, including Nationwide, said that the withdrawal of State Farm Florida, the Orlando TV news stations:

"I really think that homeowners should look out for themselves," said Corless.

Five days after Crist vetoed the Consumer Choice Act, insurance deregulation Corless of WFLA AM Tampa Bay, when he pointed out, defending: "If blue-chip insurance companies, want to get out of the market price, they will leave the company."

"The governor said that after the interests of protecting consumer choice," but in reality he's ready, "Corless said." In a free market, all companies and builders is available if the homeowner does not like the price, he moves. Veto, limiting the capabilities and bind the hands of blue-chip companies.

In 2006, the average annual premium of $ 1,386 for Florida homeowners, one of the highest in the country.

Fire Insurance in India

Fire insurance business in India is governed by All India Fire rates [14] that the conditions of coverage, rates and conditions of the Fire Policy. Fire insurance was renamed the Standard Fire and Special Risk policies. Risks are borne as follows:

• Residence, offices, shops, hospitals (outside the compound the risk of industrial / manufacturing)
• Industrial / Manufacturing Risks
• Outside the utility industry / manufacturing risks
• Machinery and equipment
• Storage Risks outside the area of ​​risk of accidents
• Storage Tank / Gas holders located outside the industrial complex risk

Risks covered

The following causes of loss are discussed:

• Fire
• Flash
• Explosion / Implosion
• Damage to aircraft
• Riot, Strike
• Terrorism
• Storms, floods, flooding
• Impact Damage
• Malicious damage
• Subsidence, landslides
• Bursting or overflowing of tanks
• Missile test procedures
• Bush fire etc.

Exception

The following are excluded from coverage:

• Loss or damage caused by war, civil war and the dangers caused kindered
• Loss or damage caused by nuclear activities
• Loss or damage to stock in cold storage because of temperature fluctuations
• Loss or damage caused by over-run electricity and / or electronic equipment

Claims in the case of a fire loss under fire insurance subject to the insured directly ask for insurance. Apply within 15 days after the occurrence of insured losses in writing, stating the damage and estimate its value. Details of other insurance on the same site should also be determined.