The person who is willing to take a property insurance policy should have a financial interest (insurable interest) in the asset that needs to be insured. So, the person will be at a loss financially if any event causes damage to his asset.

To purchase a property insurance policy, you need to submit a proposal form with a general insurance company. All the necessary details should be filled in the proposal form, make sure to enter all the correct and correct information in the form.

Now, after verifying all the details mentioned in the proposal form and receiving the payment of the initial premium, the insurer shall issue the policy to the proposer. But, the primary requirement for availing the protection of property insurance policy is that you need to pay your premiums regularly as and when due. This will keep your property protected as well as give you a peace of mind that your potential losses are covered.

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Case on Property Insurance Requirements

Mr. Ram Nath bought a new home and is very elated with this fact. To protect the house from any risk of damages, he decided to buy insurance for his home and all the items in it.

Read More: What are the Requirements to purchase a Property Insurance Policy?

He approached an insurance company, who first asked Ram to verify the ownership of the house. After confirming the interest of Mr. Ram in the house, the insurance company informed the relevant quote for the policy as well as explained the various coverages that were available under the policy.

After understanding all the terms and conditions of the policy, Ram decided to go ahead with the policy and he filled the proposal form. All the details regarding Ram and the house are required to be filled in the form which is necessary to be submitted with the initial premium amount. After processing the form, the policy was issued to Ram, and he made sure that all the premiums are paid on time to ensure the continuity of the policy.

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