Property insurance is one of the most important insurance products that provide protection for residential buildings and their contents and protect them from the expected hazards such as: natural disasters, storms, and coverage of losses resulting from fire, explosion, theft or any accidents that lead to house damage or damage, according to the conditions and exceptions set out in the document.
Where the insurance company compensates the insured for the partial or total damage or loss of the insured property as a result of the occurrence of one of the risks contained in the insurance policy, and therefore the customer must ensure that the benefits and obligations that will result from obtaining the property insurance policy are understood through a clear reading of the conditions The provisions of the policy, and for the customer to choose an insurance policy appropriate to his financial needs.
The types of risks that the property insurance policy may cover
Buildings and contents of the house
The insurance company covers the expenses and costs resulting from the risks mentioned in the insurance policy, which may include compensation for the expenses incurred in connection with accidental damages that may be caused to the water or sewage installations, electricity and telephone cables, in addition to the damages to personal property, furniture, or any Property that falls within the statutory responsibility of the insured, or any of the permanent residents, unless the document states otherwise.
The property insurance policy may include coverage of losses or damages resulting from theft of the contents of the house, within the limits provided by the policy.
Attention must be paid to exceptions that do not require insurance companies to bear losses that expose the contents of the house to theft; for example, and not limited to:
the property left outside the building without being guarded by theft, if the buildings are not locked, or if the insured or any of its users or any of the individuals His family or any of the permanent residents involved or involved in the crime of theft.
Responsibility towards others
Compensation to the insured for all the amounts responsible for paying it as the owner and / or occupant of the house in relation to accidental death, physical injuries, illness and treatment costs for others, in addition to the accidental loss and damage to property located inside or around the buildings during the life of the insurance policy. This may exclude losses and damages that are not included in this insurance coverage.
Responsibility towards domestic workers
The document may cover the statutory insured’s responsibility, including legal costs and expenses, with the written consent of the company in relation to accidental death or bodily injuries to which any domestic worker may be exposed while practicing the work of the insured’s residence or during his temporary stay anywhere in the Kingdom or while he is Inside a vehicle used by the insured, or any of his residents, at the residence.
The property insurance policy may cover the costs of providing alternative housing in the event that the house is exposed to damages resulting from insured risks that lead to the residence being inaccessible.
With regard to the additional costs of alternative housing borne by the insured, it is stipulated that the market value of the rent and the compensation value specified for this item not exceed the terms and conditions for that coverage in the policy.
Before signing the insurance policy, the customer must read and understand all the terms of the policy, and familiarize themselves with the risks covered and not covered under the policy.
The property insurance policy sets out a framework for the rights and obligations of both the client and the insurance company.
The customer can submit a complaint to the insurance company if he encounters any problem or irregular operations during the processing of the claims, and in the event that they do not respond he can submit a complaint to the Saudi Arabian Monetary Agency through the ” Sama Care ” portal.