In general, there are two types of property insurance that can be chosen by the public, namely insurance for residential homes, and property insurance for business premises such as shops, shop houses, and warehouses.
The two types of insurance certainly offer different services and protection. Functions and premium calculations are also made more specific, according to customer needs.
Therefore, so as not to choose the wrong property insurance. Check out the reviews regarding protection coverage (cover), premiums to the registration requirements of each policy below.
Coverage of Protection (Cover) Type of Property Insurance
Types of Residential Insurance
One of the covers provided by property insurance service providers is home protection against the impact of natural disasters, such as floods, earthquakes, tsunamis and so on.
Not only that, this type of property insurance even provides protection against fire, explosion, smoke, and damage due to the fall of the aircraft body.
If you want to expand the coverage, the policyholder is also blessed to apply for an expansion of risk coverage covering damage due to riots, landslides, hurricanes, theft and others.
Even furniture and furnishings can be secured by applying for a type of personal property insurance. The coverage of this insurance policy is even wider, it even includes collectibles.
Types of Business Property Insurance
For business insurance, coverage or cover can be extended to cover home equipment, machinery, merchandise, stock or inventory to finished goods.
In addition, a Business Interruption which guarantees protection against loss of profits or income due to business interruption.
property insurance policy All Risk
Please note, you can use this insurance to pay the costs of an architect or property consultant when renovating a building. All services have been covered with certain conditions.
How Much is the Premium for Property Insurance?
Before calculating the premium cost, it is important to know what TSI is. Total Sum Insured or TSI is the price value that will be given to the insured from the insurance.
The value is taken from the total price of the building and its contents (furniture and furnishings). In order not to be confused, consider the following simulation of the calculation of the premium type of property insurance.
Premium Calculation Simulation
Let's assume that you own a house with an asset value of IDR 1 billion. When applying for a policy, rate charged by the insurer is 0.0294%. The calculation becomes:
- Total value of property (TSI) = Rp1.000.000.000
- Insurance rate = 0.0294%
- 000.000.000 x 0,0294% = Rp294.000
For information, the amount of the premium type of property insurance itself is generally influenced by many factors. To make it easier to anticipate, here are some factors that need to be considered:
- Is the building more often occupied or abandoned by the owner;
- The condition of the environment around the location of the building is located;
- Losses due to robbery or demolition that have occurred;
- The type and value of the property to be insured; as well as
- Has the building ever been flooded?
You may be wondering, if this type of property insurance can cover most types of buildings, why are there applicants whose registration was rejected by the insurance company?
In general, as long as the second and third floor materials are not made of wood or other flammable materials, a house can be insured even if the building is three-story,
If you meet the requirements of the house specifications, also prepare some files or documentation that is usually requested by the insurer, such as:
- Photocopy of ID card
- Photocopy of Company Deed (for business property)
- Copy of Land Certificate
- Photocopy of Building Permit (IMB)
- Photocopy of Land and Building Tax (PBB)
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