Keep Your Dream Home Safe And Secure With Miles Insurance Brokers Home Insurance Plan Act Now, Don't Wait Till It's Too Late
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WHY BUY HOME INSURANCE?
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SINGLE HOME INSURANCE POLICY
Complete protection for property, contents, along with the interests of yourself and your Family Members under a single policy.
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AFFORDABLE PREMIUM
We provide affordable and attractive premium rates.
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IN-HOUSE CLAIMS UNIT
States of the art, In-house claims servicing unit for hassle-free claims process.
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ALL-INCLUSIVE HOME INSURANCE
All Risk Insurance to jewelry, ornaments or high value items. Portable equipment's such as laptops are also covered.
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PROPERTY INSURANCE FOR YOUR HOME, SHOP, OFFICE & BUILDING...
WHY IS PROPERTY INSURANCE IMPORTANT?
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INDIA RECORDED 27,624 FIRE ACCIDENTS IN 2023.
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FIRE OUTBREAK IS RANKED AS THE 3RD BIGGEST RISK TO BUSINESS CONTINUITY AND OPERATIONS.
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64% OF PEOPLE IN INDIA ARE NOT EQUIPPED TO HANDLE HOME SAFETY THREATS.
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70% OF INDIA’S THEFTS ARE HOME THEFTS.
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?
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FIRE
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EXPLOSION & IMPLOSION
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STORMS
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FLOODS
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EARTHQUAKES
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IMPACT DAMAGE OF ANY KIND
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ACTS OF TERRORISM
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RIOTS, STRIKES
OUR PROPERTY INSURANCE OFFERINGS
Home Insurance
A home insurance is designed to suit your home; whether it’s an apartment, villa or independent building; a home insurance helps you cover for your house and its contents from unforeseen circumstances such as fires, explosions, floods, storms, etc.
Business & Shop Insurance
A business or shop insurance plan is designed to protect business related properties, such as kirana shops, boutiques, general stores, office premises, factories, and malls amongst others from potential damages and losses caused due to natural calamities, and fires.
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?
Buying a good Property Insurance policy is a crucial decision. After all, it’s the decision that will help cover for your most prized possession. Buying a Property Insurance does not only make the process of buying a policy simpler but, also gives you the time and space to evaluate your options better and make an informed decision.
WHAT ARE THE FACTORS THAT AFFECT THE PREMIUM OF AVAILING A PROPERTY INSURANCE POLICY?
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.
TIPS TO COMPARE PROPERTY INSURANCE PLANS
Deciding on the right Property Insurance plan can be a tricky choice many face. After all, it’s the choice you’re making to protect your lovely home, or your dear business! To choose the right property insurance plan, here are the three most things you should compare
- Coverage Benefits: The most important part of your insurance is the kind of coverage you’re getting. You need to know what you will be covered for in the case of an unfortunate event. Therefore, always look at what is covered and what is not covered to help evaluate the most valuable plan to you.
- Sum Insured: Your Sum Insured in a Property Insurance refers to the total amount you’ll be covered for in the case of a claim you make. Therefore, be very wary on the amount you’d like to go for since this won’t only affect your property insurance premium but will also affect the claim amount you will receive in the case of damages and losses!
- Add-ons Available: Sometimes, you need coverage beyond just the basic plan benefits. This is where add-ons come in use. Different insurance providers give different range of add-ons for people to choose from. Compare your options and see what works for you best!
HOW TO CHOOSE THE RIGHT PROPERTY INSURANCE PLAN?
The best way to choose the right Property Insurance plan is to compare and evaluate all your options and make your choice accordingly. Look at your coverage benefits, sum insured, add-ons available, property insurance premium, customer support, etc. before choosing who you’d trust to protect your most important possession!
HOW TO SELECT THE RIGHT SUM INSURED FOR A PROPERTY INSURANCE?
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.
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!
Homeowners
Whether it’s been your home for years, or is your newfound dream home, a house is anyone’s most precious possession. Thus, protecting it from circumstances out of your control is the least you can do to protect both your pocket and home.
Renters
Typically, people assume a property insurance is only dedicated for people who own properties. However, at Miles Insurance Brokers, we offer rented home insurance policies and even office insurance policy for their respective businesses. So, if you’re someone who falls into this category, a property insurance is designed for you too!
Small Business Owners
Whether it’s been your home for years, or is your newfound dream home, a house is anyone’s most precious possession. Thus, protecting it from circumstances out of your control is the least you can do to protect both your pocket and home.
Medium Business Owners
If you run a chain of general stores, restaurants or a medium sized enterprise; a property insurance is also suited for medium sized business owners to cover for any damages and losses that could be caused due to fire, explosion or natural calamities such as flood, storm and earthquake.
Large Enterprises
If you’re someone who owns multiple properties owing to the large operations of your business, a property insurance policy is vital in protecting not one but all your properties.
TYPES OF HOME PROPERTIES COVERED
Individual Apartment
This is for those who live in independent flats that are either part of housing societies or standalone buildings. The same could be either a flat owned by you or rented by you. Our product is suitable for both!
Independent Building
Perhaps you and your extended family live in a standalone building, owning or renting flats in the entire building. In this case, you can choose to cover for them all with a property insurance policy by Miles Insurance Brokers.
Independent Villa
If you own or have rented an independent villa or house, a Property Insurance policy is vital to protect your villa and its contents from potential risks.
TYPES OF SHOP & BUSINESS PROPERTIES COVERED
Mobile and Other Electronics
Businesses that primarily sell mobile phones, mobile accessories or other electronics. Stores like Croma, OnePlus, Redmi, etc are good examples of such properties. In such a case, a property insurance would help protect the store and its primary contents from potential losses and damages; one of the most common ones in this case being burglaries.
Grocery and General Stores
From neighborhood kirana shops to your budget friendly supermarkets and general stores; all grocery stores and general stores too are covered for in a property insurance. Shops like Big Bazaar, Star Bazaar and Reliance Supermarkets are some common examples of the same.
Offices and Educational Spaces
This category as part of our Property Insurance is designed to suit office premises and educational institutions such as colleges, schools, and coaching classes. Insuring such a property isn’t only vital to protect losses but, also give your employees or students more confidence towards your respective institution.
Home Repair Services
This category of businesses includes everything from carpentry and plumbing repairs to motor garages and engineering workshops.
Personal Lifestyle and Fitness
From your favourite malls and clothing stores to spas, gyms and other stores; a Property Insurance policy offered by Miles Insurance Brokers also covers for all businesses in the personal lifestyle and fitness sector.
Food and Eatables
The one place everyone devours! From cafes and food trucks to restaurant chains and bakeries; Property Insurance policies offered by Digit are well-suited for all kinds of eatery joints as well.
Healthcare
One of the most vital properties like hospitals, clinics, diagnostic centres and pharmacies are also covered under Property Insurance policies offered by Digit.
Others
Apart from the categories mentioned above, a property insurance policy by Digit is suitable for different types, nature and sizes of businesses. If you can’t find your category in the list, feel free to get in touch with us and we’ll help you out in selecting the best suited property insurance policy.
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.
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.