What falls under property insurance?
First of all: What is property insurance? The complex thing about this term from the insurance world is: property insurance is a collective term for insurance policies that cover damage to tangible assets – that is, that cover destruction, damage or loss of property or possessions.
Thus, the field of property insurance includes various types of insurance. Common property insurance policies include:
Building insurance (often also separately: fire insurance)
The sum insured is usually based on the value of the insured property.
Property insurance for private possessions and valuables
You can comprehensively protect belongings and valuables in your private household with Hiscox household contents and art insurance: This covers damage caused by fire, explosion, tap water, storm and hail.
The special feature: Hiscox is an all-risk insurance policy with only a few exclusions. In addition, with Hiscox, valuables such as jewelry or works of art also count as household contents and are therefore also insured.
Property insurance for office furniture and equipment
Hiscox offers property insurance for companies and freelancers in the form of contents insurance – also on an all-risk basis. This covers unforeseeable damage and high costs that can arise, for example, from burglary, fire or water damage.
With Hiscox, this property insurance consists of two modules:
Your complete commercial and technical business equipment is insured. Electronics insurance is included. This protects technical equipment – for example, computers that are damaged by a lightning strike.
In the event of a business interruption, the business interruption insurance will step in. The reason for a business interruption can be defective tools or a fire in your business premises. Hiscox covers your loss of earnings and any additional costs incurred. Additional costs are incurred, for example, if you temporarily rent tools or machines or temporary office space.
n the insurance industry, property insurance is a generic term for insurance that covers damage to possessions and property. Property insurance is insurance defined by its coverage and scope to cover loss or damage to tangible property. Property assets are considered to include buildings, vehicles, furnishings, daily consumer goods, and pets. In insurance, we speak of assets that need to be insured.
The subdivision of tangible assets is also listed specifically by risk. For example, one must have automobile liability insurance to operate a vehicle. Fire insurance was a mandatory insurance for property owners, but has been downgraded as a voluntary insurance in Germany. Property insurance is divided into different groupings according to requirements and risks.
Property insurance is designed to protect possessions
In addition to the values that one has created over time, property insurance policies are intended to maintain a standard of living. Thus, insurances that are supposed to secure high values represent a great importance. The residential building and fire insurance for real estate, the motor vehicle insurance for motor vehicles and the household insurance for inventory. However, liability insurance should not be underestimated.
If you knock over a cup of coffee and it spills onto your laptop, the damage is limited. However, if a flower pot falls from your balcony due to carelessness and then hits your neighbor’s car, the damage is usually in the four-digit euro range or higher.