themilesinsurance.com

Miles Insurance Brokers
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Insuring India
Protecting the pillars of progress - safeguarding
your leading projects with unparalleled
property insurance.
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Insuring India
Secure your investments, safeguard your future - with our comprehensive property insurance solutions.
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Insuring India

We offer various insurance services
to safeguard your business and
personal assets pan india.
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Keep your dream home safe and secure with Miles Insurance Brokers Home Insurance Plan Act now, don't wait till it's too late

Why Buy Home Insurance?

Single home Insurance Policy

Complete protection for property, contents, along with the interests of yourself and your Family Members under a single policy.

Affordable Premium

We provide affordable and attractive premium rates. 

In-house claims unit

States of the art, In-house claims servicing unit for hassle-free claims process. 

All-inclusive Home Insurance

All Risk Insurance to jwellery, ornaments or high value items. Portable equipments such as laptops are also covered.

Properties we have insured...

Who we are

Established in 2015, The Miles Insurance Brokers is a multi-disciplinary, composite insurance broking entity. The company’s focus is to provide sustainable insurance solutions backed by robust service and support to the corporate community; enterprises, insurers, and re-insurers across the globe. Our Leadership Team comprises some of the best in the country, in terms of credentials, experience, and expertise in their respective domains. As a team, we collectively possess a rich experience of many years in the Insurance domain.

 

Property Insurance for your Home, Shop, Office & Building...

What is Property Insurance?

Be it one’s home, apartment, business, café or hospital; a property insurance is an insurance policy to protect the building and its contents. The policy covers loss/damage/destruction to insured property because of fire, theft, impact damage, landslides, rockslides, natural calamities, etc.

So, whether it’s a store you’re looking to protect or your beautiful home, buying a property insurance policy from Digit is important. This helps keep potential damages and losses at bay, by being there for you and covering you through unfortunate circumstances.

Things to know about Property Insurance

  • Content - If you’re confused as to what ‘contents’ refers to in Property Insurance, it refers to those articles or things in your premises that are not permanently attached or fixed to the structure of Your Premises. 

  • Building/Structure - As the name suggests, a ‘Building’ or ‘Structure’ in your Property Insurance policy refers to the entire property structure you’re covering. 

Why is Property Insurance Important?

India recorded 27,624 fire accidents in 2023.

64% of people in India are not equipped to handle home safety threats.

Fire Outbreak is ranked as the 3rd biggest risk to business continuity and operations.

70% of India’s Thefts are Home Thefts.

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What’s Great About Property Insurance by Miles Insurance Brokers?

  • Value for Money: Property Insurance is a big deal, after all its essential purpose is to cover for both your Building and everything present in it! Therefore, you’ll see that property insurance premiums are usually high. However, we try our best to give you the best possible and most affordable premium to insure your property. 
  • Digital Friendly: Being one of India’s first online insurance companies, we try and keep all our processes, right from buying a property insurance to making claims, digital. So even when there’s an inspection required for property insurance claims, you can just do it online! (Except for claims above Rs 1 lakh. As per the IRDAI, those need to be done manually only)
  • Covers All Business Categories: Whether you want to protect your family business, kirana store or a chain of stores, our property insurance is suitable for all kinds of businesses, no matter how big or small. 
  • Plans for Renters: We understand that millennials today are increasingly choosing to rent and not necessarily own. That’s why, we also offer plans for renters that only cover for the things that YOU own.

What’s Covered in Property Insurance by Miles Insurance Brokers?

Fire

Protects your property and its contents from damages and losses caused due to fire!

Explosion & Implosion

Covers your property from any damages or losses caused due to an explosion or implosion.

Storms

For times when a storm storms into your property too! Covers for damages due to nature’s furies such as a dreadful storm, cyclone, hurricane, etc or even lightning.

Floods

Protects your property from losses and damages when the rains are out of control, leading to floods that could also impact your property.

Earthquakes

Nobody can avoid nature’s furies, but a property insurance covers for damages and losses that occur due to natural calamities such as earthquakes, landslides, etc.

Impact Damage of any kind

The policy also covers damage caused to the property or its contents because of any external physical object like vehicle, falling tree, etc.

Acts of terrorism

If the insured property suffers damage due to any act of terrorism, the policy will cover you against the damages.

Riots, Strikes

Loss or damage to property because of riots, strikes is also covered by a property insurance policy.

Our Property Insurance Offerings

Why are Property Insurance plans important?

Given that both your home or your business is an integral part of your financial and social security, a Property Insurance plan is important to protect both or either from potential losses and damages that could arise out of unforeseen circumstances like floods, storms, explosions, fires or even a burglary. 

Key Benefits of a Property Insurance

  • Complete Coverage: A property insurance policy help protect your property (i.e. your building or store) and its contents, ensuring your pocket is steered away from all possible losses. Additionally, many insurance providers also provide for add-ons to increase your coverage as per your needs.
  • Reduces Business Risks: A property insurance policy also comes with customized ones to protect your shop and its contents, thus reducing the risk of business losses.
  • Peace of Mind: Whether it’s your store or your home, both hold a large amount of financial significance. A property insurance policy prevents you from facing significant losses and ensures that you have peace of mind knowing that the insurance company has you covered.

Why take a Property Insurance online?

 

What are the factors that affect the Premium of Availing a Property Insurance Policy?

 

Tips to Compare Property Insurance Plans

How to choose the right Property Insurance plan?

How to select the right Sum Insured for a Property Insurance?

Who needs Property Insurance?

Ideally, anyone who owns any type of property whether it’s the house you’re living in or the offices that are part of your business; a property insurance ensures one is protected from a large amount of damages and losses that could arise due to unforeseen circumstances such as any natural calamity, explosion, fire, or even a burglary! 

 

Types of Home Properties Covered

Types of Shop & Business Properties Covered

Key Benefits of a Property Insurance

A Property Insurance premium is primarily affected by the following factors:

    • Type of Property: The kind of property you’re insuring will have a direct impact on your property insurance premium. For example; a factory would have a higher premium than that of a General Store due to the difference in the nature of the property to be insured.
    • Age of Property: Like any other insurance policy, age is a prime factor in determining premium prices. The newer the property is, the lower would be its premium and vice versa.
    • Area of Property: The area of the property to be insured has the highest and direct impact on its property insurance premium. This is because a bigger property will have a higher sum insured and hence a higher property insurance premium respectively.
    • Security Measures: Many homes and businesses today opt for various security measures to protect their homes and shops from risks such as burglaries and fires. Therefore, if your home or shop includes this, your risk and therefore property insurance premium will be lower.
    • Additional Coverages: While a Property Insurance policy mainly covers for the building and its contents, there are other priced possessions such as any accidental in a shop or jewellery kept at home. You can opt for add-ons that will consequently give you better coverage. However, it will increase the property insurance premium. 
  • Reduces Business Risks: A property insurance policy also comes with customized ones to protect your shop and its contents, thus reducing the risk of business losses.
  • Peace of Mind: Whether it’s your store or your home, both hold a large amount of financial significance. A property insurance policy prevents you from facing significant losses and ensures that you have peace of mind knowing that the insurance company has you covered.

What are the factors that affect the Premium of Availing a Property Insurance Policy?

  • Complete Coverage: A property insurance policy help protect your property (i.e. your building or store) and its contents, ensuring your pocket is steered away from all possible losses. Additionally, many insurance providers also provide for add-ons to increase your coverage as per your needs.
  • Reduces Business Risks: A property insurance policy also comes with customized ones to protect your shop and its contents, thus reducing the risk of business losses.
  • Peace of Mind: Whether it’s your store or your home, both hold a large amount of financial significance. A property insurance policy prevents you from facing significant losses and ensures that you have peace of mind knowing that the insurance company has you covered.

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Frequently Asked Questions

Your Sum Insured refers to the total value of your property; i.e. also the maximum amount you can receive in case of a claim. So, you need to be sure that it reflects the true value of your property. To choose the right Sum Insured for your Property Insurance, you can use our calculator here that helps determine your Property Insurance premium and the recommended Sum Insured based on your property’s area. 

What is the purpose of Property Insurance policy?

The primary purpose of Property Insurance is to help cover for your property and its contents. For example, if you are protecting your home with property insurance; it will cover for any physical damages and losses to your house, and your personal belongings.

Is Property Insurance mandatory by Indian laws?

No, property insurance is not mandatory yet by Indian laws but is highly recommended to avoid potential losses.

What is meant by Reinstatement and Reinstatement Cost?

Reinstatement/Replacement is the reconstruction of buildings or replacement, repair or partial replacement of other property lost or destroyed. Reinstatement/ Replacement Value is the amount at which the Insured Property can be reinstated or replaced by a similar property, without deducting depreciation.

What does the premium for Bharat Laghu Udyam Suraksha depend on?

Factors such as the nature of the business, size, contents of the insured property and the location of the property, affect the payable premium amount.

Will my insurer pay for debris removal during the property reconstruction?

Yes, debris removal is covered under Property insurance up to a specified percentage. It is best to check with your insurer about such clauses just to be sure.

What contents is covered under property insurance?

Anything that is not permanently attached or fixed to the structure of your property, falls under the contents of your property. When purchasing your policy, you will have to declare the contents you want covered.

For e.g., in office buildings, contents like gadgets, chairs and tables, electrical appliances, etc fall under contents.

In properties like shops and stores, contents such as items for sale in the stores (like groceries, crockery, fabric, goods, etc.), cashier counter contents etc will be covered.

In the case of homes, contents like your home gadgets, kitchenware, furniture, television sets, and any other home appliance, will be covered under contents.

If there is any damage to my stock (raw materials/finished goods) will I be covered?

In case of damage or loss to your stock during an insured event, you will be covered under your property insurance. Additionally, an in-built cover is available for the temporary relocation/accommodation of stocks. Please go through the policy document thoroughly to know more.

How does the renewal of different types of property insurance work?

Renewal of your property insurance is not automatic. The policy will expire at the end of the policy period. If you wish to renew your policy, you must apply for the same before the end of the policy period and submit the required documents while paying the necessary premium amount.

When renewing your Property Insurance policy with Miles Insurance Brokers, we will send you a reminder before your policy can expire. You can simply click on that link, fill in your details and renew your policy.

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