PROPERTY INSURANCE IN PAKISTAN

INTRODUCTION

Why should you sign up for property insurance in Pakistan? Well, spending a life with no insurance is not any different from driving a car without a seat belt, with your eyes closed. So, for most people, property insurance is a safety net against hard times and vulnerable situations like a fire accident, natural catastrophes, or robberies.

Currently, several insurance companies are operating in Pakistan. Similarly, they share a common trait of providing a security net against the factors beyond our control. However,  only a few specialize in property insurance. So, we have handpicked some of the most dependable banks offering property insurance in Pakistan. But before we get there, here’s a little take on property insurance. 

WHAT IS PROPERTY INSURANCE?

Property insurance refers to a set of policies specified for the protection of someone’s possessions and belongings. Consequently,  providing coverage for their liabilities as well. Property insurance can also include renters insurance. 

This particular form of insurance takes on the role of a protector in the event the property catches fire or gets hit by any other accidents, including natural disasters. The insurance company then steps in to reimburse you for your loss in compliance with your insurance plan. 

REASONS WHY YOU SHOULD INSURE YOUR PROPERTY  

At times, paying monthly premiums for property insurance might not make sense to some people. Rather, they would spend it on something tangible that they can use. But little do they know that property insurance could be the best thing they have ever invested in . As, it’s an investment with zero risks.

There is no doubt about it that house is the most significant and prized asset that someone can pride themselves on in Pakistan. So, during unfortunate events that cause damages, uninsured homeowners more likely lose their assets and belongings than insured homeowners. While the worst-case scenario, no doubt, is the house getting damaged or destroyed. We can never rule out the chances of an uninsured worker getting injured on a property, costing the property owner a fortune. Matters from then onwards will only get further complicated if the property is found uninsured.

Now, let’s explore some property insurance plans offered by the most dependable institutions in Pakistan!

MOST POPULAR  PROPERTY INSURANCE COMPANIES IN PAKISTAN

Since our home is the crowning glory of all our assets, it only makes sense to protect that asset via getting an insurance plan for it. Indeed, it is the most secure route to take. While we find you the home of your dreams, these companies will help you protect it financially: 

• Askari General Insurance Company Ltd 

• Jubilee Insurance

• IGI General Insurance

• Alfalah Insurance

ASKARI GENERAL INSURANCE COMPANY LTD 

Established in 1995, Askari General Insurance Company Ltd (AGICO) is one of the leading insurance companies in Pakistan. As a subsidiary of Army Welfare Trust, the company offers some of the most client-friendly services. Moreover, it has branches all over the country. Based on the reviews available on their official website, their clients are delighted with their services. The company takes every measures to understand its clients’ needs, while their representatives incredibly respond to queries.

The company offers pre-set insurance policies and products that sufficiently compensate for different scenarios. One such insurance plan offered by Askari General Insurance Company is “Fire Insurance”, which covers risks such as fire, earthquake, explosion, impact damage, atmospheric disturbance, bursting water tanks, riot & malicious damage, and burglary. 

Website: https://www.agico.com.pk/

JUBILEE INSURANCE

Founded in 1953, Jubilee Insurance is one of the largest and most reliable names in the insurance industry of Pakistan. The insurance company is among the pioneers of providing practical and healthy solutions to risk exposures.

Owing to the high risks associated with property ownership, Jubilee Insurance covers damages caused by fire, natural disasters, and a range of hazards. Jubilee Property Insurance Plans include two different policies that go by the name of:

Fire and Allied Perils: It is insurance that provides compensation in the event of loss or damage resulting to the fire of accidental nature on properties/assets. Jubilee offers basic coverage in case of fire, lightning, Explosion, fire, falling aircraft

This coverage may extend to cover loss/damage in case of earthquake and eruption volcanic and other risks such as wet perils.

For movable property, cases of assault/burglary involving an entry/exit by force might also be covered.

Jubilee Insurance can also extend this coverage to political risk and war (declared or not, civil war, riots, strikes, uprisings, rebellion) usually excluded. They do this in the form of insurance named Sabotage and terrorism available only at Jubilee.

Property All Risk:  All risk insurance is a type of property or casualty insurance policy that covers any peril. As long as the contract does not specifically exclude it from coverage. Their all risk insurance covers loss arising from any fortuitous cause except those that are specifically excluded. Contrary to a named perils contract, an all-risk policy does not name the risks covered, but instead, names the risks not covered.

Website: https://jubileegeneral.com.pk/

IGI GENERAL INSURANCE

IGI General Insurance has maintained its presence among the most prominent insurance companies in Pakistan since 1953. The company keeps launching innovative products. Moreover, it  has extended its services to eight major cities of the country. Being synonymous with excellence in customer service, the insurance firm is persistent in evolving further in every aspect. 

Moving forward, the company claims to offer an affordable home insurance plan that goes by the name of “Home Cover” or “Home Content”. According to the policy, the beneficiary receives a total reimbursement against accidental damages, lightning, explosion, robbery, or natural disasters. The insurance plan also compensates for the loss of jewelry and cash at home. Just like the name suggests, the “Home Cover” policy offers coverage for things that can be damaged in a home.

Website: https://www.igiinsurance.com.pk/

ALFALAH INSURANCE

Alfalah Insurance is a leader in providing the most comprehensive and customized insurance plans to its clients. The company also aims to spread awareness about insurance and widen the consumer net in the country by enhancing trust and reliability factors.

Following global standards and modern-day policies, the company provides world-class home insurance services to property owners. So, signing a tenure with Alfalah is the most relieving thing a property owner in Pakistan can do. Their insurance plans and policies cover many forms of risk, including fire and other associated damages, natural perils, and burglary.

Website: www.alfalahinsurance.com

CONCLUSION

Home insurance is a way for us to prepare for life’s uncertainties. Although we always encourage you to hope for the best in life, there’s no harm in preparing for situations that are otherwise. For more information about managing your finances, head over to Landster Blog – the pioneer of lifestyle and property tips in Pakistan.