Property Insurance in Oman Definition, Coverage, Types

Property Insurance in Oman: Definition, Coverage, Types Vision insurance SAOG

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Your properties like your house, vehicle, land, etc., are your assets. You won’t ever wish to compromise with them. Hence, it is always good not to underestimate them and do your best to keep them safe.

Well! Mishappenings like fire, accidents, explosions, theft, etc., cannot be prevented. What you can prevent is spending money from your pocket to refinish the damaged asset or construct a new one.

As per the saying, “Where there’s a will, there’s a way,” you can bring the previous statement into action with the help of a policy known as Property Insurance. With the help of this policy, you can protect your property, family, and yourself from any future mishappenings. Let us dive deeper into this topic and explore more. Also, you will get to know about the property insurance company in Oman

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What is property Property insurance, as the name itself suggests, refers to the insurance of your belongings like house, land, etc., that are recognized as your “property.” This insurance covers insurance? liabilities and damages like:  Robbery and demolition  Natural disasters like cyclones, draining groundwater, tsunamis, etc.

 Coverage of liability if someone (apart from owner/renter) gets injured.

 Disasters like fire, ice, lightning, etc.

Let us now understand the three types of coverage that can benefit you:

 Replacement cost: This coverage will cover the cost of repairing and replacement for the damaged property.

 Actual cash value: This coverage helps you pay the owner/renter the replacement cost minus depreciation.

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 Extended replacement cost: This coverage pays more than the coverage limit and does not exceed 25%. Still, it will cover the construction cost even if it has increased.

Types of Property Insurance There are four types of property insurance, commercial property insurance, homeowner’s insurance, landlord insurance, and fleet insurance. Let us understand each type in brief.

1. Commercial property insurance 2. Homeowner’s insurance 3. Landlord insurance 4.Fleet insurance

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1.Commercial property insurance This type of property insurance is meant for all business owners. Your assets might get damaged due to fire, explosions, storms, robbery, etc. Hence, this type will protect the assets from such accidents. There is no coverage of earthquakes and floors; still, you can add them.

2.Homeowner’s insurance From the name itself, you can assume that this insurance type is meant for the homeowners who wish to protect their home from accidents like fire, lightning, wind, injury, etc. The good news is, it also covers medical expenses. https://insurevic.com/

3.Landlord insurance For all those people who have put their house on rent, landlord insurance is the most suitable. Under this, it covers your property’s damage, but the furniture and appliances are excluded.

4.Fleet insurance It is a little bit similar to commercial property insurance but focuses on businesses possessing two or more vehicles. All the vehicles that you use for commercial purposes come under this insurance.

The best part is, all your vehicles are counted as one single unit, and there’s just one policy as a whole for them all.

To obtain property insurance better coverage, you can visit Vision Insurance, an

marketing@insurevic.com +968 248 539 00 https://insurevic.com/

About Us Vision Insurance is one of the top insurance company in Oman which offers personal and corporate insurances at wide range. Under Personal Insurance, Vision Insurance SAOG offers Car Insurance, Motor Insurance, Property Insurance, Travel Insurance, Liability Insurance and Miscellaneous Insurance. And under Corporate Insurance, it offers Property Insurance, Oil & Energy Insurance, Engineering Insurance, Marine & Aviation Insurance, Liability Insurance, Life and Health Insurance, Financial Lines Insurance and Miscellaneous Insurance.

+968 248 539 00 marketing@insurevic.com

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