Property insurance is a type of insurance policy that provides coverage for damage to residential or commercial properties and their contents. This insurance protects against financial loss resulting from various causes such as fire, self-ignition, domestic explosions, water leakage, and more. The policy provides coverage to the owner, tenant, or other concerned parties and helps them recover from unexpected damage to their property.


In addition to covering damage to the structure of the property and its contents, property insurance may also offer coverage for loss of profit, loss of rent, public liability, removal of debris, and more. This means that in the event of damage to the property, the policyholder can be compensated for any loss of income that may result from the property being unusable or from liability claims from third parties.


It is important to note that the coverage offered by property insurance can vary greatly depending on the policy, so it’s essential to review the coverage options and understand what is covered and what is not. By choosing the right property insurance policy, you can ensure that you have the protection you need in case of damage to your property.

 

 

My Home

My Home Plus

Total Sum Insured

Up to $ 50,000

Up to $ 100,000

Construction / Tenants liability

Up to $ 5000

Up to $ 5000

Contents

Up to $ 45,000 *

Up to $ 95,000 *

Total Annual Premium

$ 100

$ 200

Product

Cover & Additional Covers

Sum Insured

Deductible

My Home

Fire & Lightning

Up to $ 50,000

10% each and every loss, with

a min. $ 250

Earthquake

Up to $ 50,000

1% from the total sum insured

Storm, Tempest & Flood

Up to $ 50,000

10% each and every loss, with a min. $ 250

Domestic Explosion

Up to $ 50,000

1% from the total sum insured

Neighbors Recourse

Up to $ 5000

10% each and every loss, with a min. $ 250

Water damage (bursting of pipes and overflowing of water tanks)

Up to $ 5000

10% each and every loss, with a min. $ 250

Burglary following double forcible entry (within

Kurdistan Region only)

Up to $ 5000

10% each and every loss, with

a min. $ 250

Product

Cover & Additional Covers

Sum Insured

Deductible

My Home Plus

Fire & Lightning

Up to $ 100,000

10% each and every loss, with a min. $ 250

Earthquake

Up to $ 100,000

1% from the total sum insured

Storm, Tempest & Flood

Up to $ 100,000

10% each and every loss, with a min. $ 250

Domestic Explosion

Up to $ 100,000

1% from the total sum insured

Neighbors Recourse

Up to $ 5000

10% each and every loss, with a min. $ 250

Water damage (bursting of pipes and overflowing of water tanks)

Up to $ 5000

10% each and every loss, with a min. $ 250

Burglary following double forcible entry (within Kurdistan Region only)

Up to $ 5000

10% each and every loss, with a min. $ 250

Fire & lightning

Earthquake: Up to Total Sum Insured

– Storm, Tempest & Flood: Up to $15,000

–        Warranted Adequate fire extinguishers should be available and operational at all times during policy period

–        Warranted Electric board and electric wires must be well organized at all times during policy period

–        Warranted operational cameras at all times during policy period

–        Warranted that ceiling is well constructed to protect against any leakage of water

–        Warranted that smoking is prohibited inside the premises

–        Excluding Malicious Damage, Sabotage, Terrorism, Political Risks, any kind of War, Strikes, Riots and

Civil Commotions

–        Excluding burglary & Hold Up

–        Excluding business interruption and consequential losses

–        Excluding damages to goods found in the open area.

–        Excluding deterioration of stock due to the temperature changes

–        10% on each and every loss, with minimum $300 in respect of Fire

–        1% of total sum insured in respect of earthquake for each and every loss

–        10% on each and every loss, with a minimum $1000 in respect of & Storm, Tempest & Flood

–        Satisfactory survey report and recommendations to be implemented prior to inception/binding date

–        No Known or Reported Losses up to binding/inception date

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