Get Property Insurance Online for your Home, Shop, Office & Building
What is Property Insurance?
Be it one’s home, apartment, business, café or hospital; a property insurance is an insurance policy to protect the building and its contents. The policy covers loss/damage/destruction to insured property because of fire, theft, impact damage, landslides, rockslides, natural calamities, etc.
So, whether it’s a store you’re looking to protect or your beautiful home, buying a property insurance policy from Digit is important. This helps keep potential damages and losses at bay, by being there for you and covering you through unfortunate circumstances.
Why is Property Insurance Important?
Read on...
India recorded 1.6 million fire accidents in 2021.(1)
64% of people in India are not equipped to handle home safety threats. (2)
Fire Outbreak is ranked as the 3rd biggest risk to business continuity and operations. (3)
70% of India’s Thefts are Home Thefts. (4)
What’s Great About Property Insurance by Digit?
Value for Money: Property Insurance is a big deal, after all its essential purpose is to cover for both your building and everything present in it! Therefore, you’ll see that property insurance premiums are usually high. However, we try our best to give you the best possible and most affordable premium to insure your property.
Digital Friendly: Being one of India’s first online insurance companies, we try and keep all our processes, right from buying a property insurance to making claims, digital. So even when there’s an inspection required for property insurance claims, you can just do it online! (Except for claims above Rs 1 lakh. As per the IRDAI, those need to be done manually only)
Covers All Business Categories: Whether you want to protect your family business, kirana store or a chain of stores, our property insurance is suitable for all kinds of businesses, no matter how big or small.
Plans for Renters: We understand that millennials today are increasingly choosing to rent and not necessarily own. That’s why, we also offer plans for renters that only cover for the things that YOU own.
What’s Covered in Property Insurance by Digit?
Our Property Insurance Offerings
Types of Property Insurance Plans
At Digit, our insurance covers your property for fire and natural calamities, such as floods and earthquakes, through our Go Digit, Bharat Laghu Udyam Suraksha (UIN - IRDAN158RP0079V01202021), Go Digit, Bharat Sookshma Udyam Suraksha (UIN - IRDAN158RP0080V01202021) and Go Digit, Bharat Griha Raksha Policy (UIN - IRDAN158RP0081V01202021) for your Home. Since properties are always at a risk of burglary, we also cover burglary under a separate policy, Digit Burglary Insurance Policy (UIN – IRDAN158RP0019V01201920). This way, your property is not only protected from damages and losses due to fires and natural calamities but also from burglary. For easy understanding, we have differentiated coverage options as below:
| Option 1 | Option 2 | Option 3 |
| Covers only the contents of your home or business. | Covers both your building and the contents of your home or business. | Covers only your building. |
How to File a Claim?
Filing a claim with Digit is a quick, simple and hassle-free process. We’ve listed out what you can do to file a claim with us:
Step 1
Call us at 1800-258-5956. We will help you file a claim and investigate the loss or damage as required.
Step 2
Upload the required documents & your bank account details, on the link sent.
Step 3
We’ll take care of the rest!
Things to know about Property Insurance
Content - If you’re confused as to what ‘contents’ refers to in Property Insurance, it refers to those articles or things in your premises that are not permanently attached or fixed to the structure of Your Premises.
Building/Structure - As the name suggests, a ‘Building’ or ‘Structure’ in your Property Insurance policy refers to the entire property structure you’re covering.
Who needs Property Insurance?
Ideally, anyone who owns any type of property whether it’s the house you’re living in or the offices that are part of your business; a property insurance ensures one is protected from a large amount of damages and losses that could arise due to unforeseen circumstances such as any natural calamity, explosion, fire, or even a burglary!
Whether it’s been your home for years, or is your newfound dream home, a house is anyone’s most precious possession. Thus, protecting it from circumstances out of your control is the least you can do to protect both your pocket and home.
Typically, people assume a property insurance is only dedicated for people who own properties. However, at Digit, we offer rented home insurance policies and even office insurance policy for their respective businesses. So, if you’re someone who falls into this category, a property insurance is designed for you too!
Whether you run a small general store or a small boutique with customized fashion and handicrafts, Property Insurance policies offered by digit is suitable for all types of businesses. If you’re someone running an independent, small business, a property insurance policy would be vital to protect your business from any potential losses and risks.
If you run a chain of general stores, restaurants or a medium sized enterprise; a property insurance is also suited for medium sized business owners to cover for any damages and losses that could be caused due to fire, explosion or natural calamities such as flood, storm and earthquake.
If you’re someone who owns multiple properties owing to the large operations of your business, a property insurance policy is vital in protecting not one but all your properties.
Types of Home Properties Covered
This is for those who live in independent flats that are either part of housing societies or standalone buildings. The same could be either a flat owned by you or rented by you. Our product is suitable for both!
Perhaps you and your extended family live in a standalone building, owning or renting flats in the entire building. In this case, you can choose to cover for them all with a property insurance policy by Digit.
If you own or have rented an independent villa or house, a Property Insurance policy is vital to protect your villa and its contents from potential risks.
Types of Shop & Business Properties Covered
Businesses that primarily sell mobile phones, mobile accessories or other electronics. Stores like Croma, OnePlus, Redmi, etc are good examples of such properties. In such a case, a property insurance would help protect the store and its primary contents from potential losses and damages; one of the most common ones in this case being burglaries.
From neighborhood kirana shops to your budget friendly supermarkets and general stores; all grocery stores and general stores too are covered for in a property insurance. Shops like Big Bazaar, Star Bazaar and Reliance Supermarkets are some common examples of the same.
This category as part of our Property Insurance is designed to suit office premises and educational institutions such as colleges, schools, and coaching classes. Insuring such a property isn’t only vital to protect losses but, also give your employees or students more confidence towards your respective institution.
This category of businesses includes everything from carpentry and plumbing repairs to motor garages and engineering workshops.
From your favourite malls and clothing stores to spas, gyms and other stores; a Property Insurance policy offered by Digit also covers for all businesses in the personal lifestyle and fitness sector.
The one place everyone devours! From cafes and food trucks to restaurant chains and bakeries; Property Insurance policies offered by Digit are well-suited for all kinds of eatery joints as well.
One of the most vital properties like hospitals, clinics, diagnostic centres and pharmacies are also covered under Property Insurance policies offered by Digit.
Apart from the categories mentioned above, a property insurance policy by Digit is suitable for different types, nature and sizes of businesses. If you can’t find your category in the list, feel free to get in touch with us and we’ll help you out in selecting the best suited property insurance policy.
How to Buy Property Insurance from Digit?
Buying Property Insurance from Digit is a simple, quick and hassle-free procedure. We have digitally streamlined our entire processes to provide a more user-friendly and faster method to buy your policy. Whether you’re buying your insurance from our mobile app or website, you can follow these easy steps and secure your home. You can download the ‘Digit Insurance App’ from Play Store or App Store.
Basis the type of property you want to insure, you can follow the steps below to buy your Property Insurance.
Buy Insurance for Property Insurance
Step 1
Visit Digit's Property Insurance page.
Step 2
Select the ‘type of property’ and enter your details such as ‘pin code’ and ‘mobile number’.
Step 3
Click on ‘View Prices’ and enter 'Home Building details' and confirm. You can then view plan prices of the type of plan you choose.
Step 4
Fill in details about your building and other personal details then make the payment online and provide your KYC details to get your policy issued immediately.
Know more about Property Insurance in India
Why are Property Insurance plans important?
Given that both your home or your business is an integral part of your financial and social security, a Property Insurance plan is important to protect both or either from potential losses and damages that could arise out of unforeseen circumstances like floods, storms, explosions, fires or even a burglary.
Key Benefits of a Property Insurance
- Complete Coverage: A property insurance policy help protect your property (i.e. your building or store) and its contents, ensuring your pocket is steered away from all possible losses. Additionally, many insurance providers also provide for add-ons to increase your coverage as per your needs.
- Reduces Business Risks: A property insurance policy also comes with customized ones to protect your shop and its contents, thus reducing the risk of business losses.
- Peace of Mind: Whether it’s your store or your home, both hold a large amount of financial significance. A property insurance policy prevents you from facing significant losses and ensures that you have peace of mind knowing that the insurance company has you covered.
Why take a Property Insurance online?
Buying a good Property Insurance policy is a crucial decision. After all, it’s the decision that will help cover for your most prized possession. Buying a Property Insurance does not only make the process of buying a policy simpler but, also gives you the time and space to evaluate your options better and make an informed decision.
What are the factors that affect the Premium of Availing a Property Insurance Policy?
A Property Insurance premium is primarily affected by the following factors:
- Type of Property: The kind of property you’re insuring will have a direct impact on your property insurance premium. For example; a factory would have a higher premium than that of a General Store due to the difference in the nature of the property to be insured.
- Age of Property: Like any other insurance policy, age is a prime factor in determining premium prices. The newer the property is, the lower would be its premium and vice versa.
- Area of Property: The area of the property to be insured has the highest and direct impact on its property insurance premium. This is because a bigger property will have a higher sum insured and hence a higher property insurance premium respectively.
- Security Measures: Many homes and businesses today opt for various security measures to protect their homes and shops from risks such as burglaries and fires. Therefore, if your home or shop includes this, your risk and therefore property insurance premium will be lower.
- Additional Coverages: While a Property Insurance policy mainly covers for the building and its contents, there are other priced possessions such as any accidental in a shop or jewellery kept at home. You can opt for add-ons that will consequently give you better coverage. However, it will increase the property insurance premium.
Tips to Compare Property Insurance Plans
Deciding on the right Property Insurance plan can be a tricky choice many face. After all, it’s the choice you’re making to protect your lovely home, or your dear business! To choose the right property insurance plan, here are the three most things you should compare:
- Coverage Benefits: The most important part of your insurance is the kind of coverage you’re getting. You need to know what you will be covered for in the case of an unfortunate event. Therefore, always look at what is covered and what is not covered to help evaluate the most valuable plan to you.
- Sum Insured: Your Sum Insured in a Property Insurance refers to the total amount you’ll be covered for in the case of a claim you make. Therefore, be very wary on the amount you’d like to go for since this won’t only affect your property insurance premium but will also affect the claim amount you will receive in the case of damages and losses!
- Add-ons Available: Sometimes, you need coverage beyond just the basic plan benefits. This is where add-ons come in use. Different insurance providers give different range of add-ons for people to choose from. Compare your options and see what works for you best!
How to choose the right Property Insurance plan?
The best way to choose the right Property Insurance plan is to compare and evaluate all your options and make your choice accordingly. Look at your coverage benefits, sum insured, add-ons available, property insurance premium, customer support, etc. before choosing who you’d trust to protect your most important possession!
How to select the right Sum Insured for a Property Insurance?
Your Sum Insured refers to the total value of your property; i.e. also the maximum amount you can receive in case of a claim. So, you need to be sure that it reflects the true value of your property. To choose the right Sum Insured for your Property Insurance, you can use our calculator here that helps determine your Property Insurance premium and the recommended Sum Insured based on your property's area.
Why Choose Digit?
Digit makes it to the headlines!
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FAQs about Property Insurance Policy in India
What is the purpose of Property Insurance policy?
The primary purpose of Property Insurance is to help cover for your property and its contents. For example, if you are protecting your home with property insurance; it will cover for any physical damages and losses to your house, and your personal belongings.
Is Property Insurance mandatory by Indian laws?
No, property insurance is not mandatory yet by Indian laws but is highly recommended to avoid potential losses.
What is meant by Reinstatement and Reinstatement Cost?
Reinstatement/Replacement is the reconstruction of buildings or replacement, repair or partial replacement of other property lost or destroyed. Reinstatement/ Replacement Value is the amount at which the Insured Property can be reinstated or replaced by a similar property, without deducting depreciation.
What does the premium for Bharat Laghu Udyam Suraksha depend on?
Factors such as the nature of the business, size, contents of the insured property and the location of the property, affect the payable premium amount.
Is my jewellery protected under Digit’s Griha Raksha Policy?
Since Jewellery in itself is a significant possession, it is not covered but, you can opt for the add-on and extend your coverage to protect for your jewellery items at home.
Will my insurer pay for debris removal during the property reconstruction?
Yes, debris removal is covered under Property insurance up to a specified percentage. It is best to check with your insurer about such clauses just to be sure.
Is there a waiver of underinsurance in Bharat Sookshma Udyam Suraksha Policy?
In Bharat Sookshma Udyam Suraksha policy, there is a waiver of underinsurance up to 15%. Underinsurance waiver cancels out the risk of being underinsured. Your insurance company agrees that it won’t check the actual value of your contents in case of a damage. In simple terms, when a waiver of underinsurance applies, the insurer agrees not to check whether or not a policyholder is underinsured when they make a claim.
What contents is covered under property insurance?
Anything that is not permanently attached or fixed to the structure of your property, falls under the contents of your property. When purchasing your policy, you will have to declare the contents you want covered.
For e.g., in office buildings, contents like gadgets, chairs and tables, electrical appliances, etc fall under contents.
In properties like shops and stores, contents such as items for sale in the stores (like groceries, crockery, fabric, goods, etc.), cashier counter contents etc will be covered.
In the case of homes, contents like your home gadgets, kitchenware, furniture, television sets, and any other home appliance, will be covered under contents.
If there is any damage to my stock (raw materials/finished goods) will I be covered?
In case of damage or loss to your stock during an insured event, you will be covered under your property insurance. Additionally, an in-built cover is available for the temporary relocation/accommodation of stocks. Please go through the policy document thoroughly to know more.
What are some exclusions for different types of property insurance?
Digit insurance covers your property for fire and natural calamities through our Go Digit Bharat Laghu Udyam Suraksha, Go Digit Bharat Sookshma Udyam Suraksha and for Home, Go Digit, Bharat Griha Raksha Policy.
Some cases we do not cover are mentioned below:
- If you deliberately, wilfully or intentionally act to cause damage or destruction.
- War, invasion, war-like operations, civil war/commotion amounting to a popular rising, military rising, rebellion, etc.
- Loss, destruction or damage to the stocks in cold storage premises caused by change of temperature.
- Loss or damage to any Insured Property removed from Your Premises to any other place except for machinery, stock or equipment meant for repairs, cleaning, etc.
- Pollution or contamination, unless (i) the pollution or contamination itself has resulted from an Insured Event, in which case only physical damage to the Insured Property is covered, or (ii) an Insured Event itself results from pollution or contamination.
To know more about what’s covered and not covered, please refer to the policy documents.
How does the renewal of different types of property insurance work?
Renewal of your property insurance is not automatic. The policy will expire at the end of the policy period. If you wish to renew your policy, you must apply for the same before the end of the policy period and submit the required documents while paying the necessary premium amount.
When renewing your Property Insurance policy with Digit, we will send you a reminder before your policy can expire. You can simply click on that link, fill in your details and renew your policy.