In This Post:
Meaning of property insurance
Need for property insurance
Property insurance in Pakistan
Why should you sign up for property insurance in Pakistan? Well, spending a life with no insurance is not any different than 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, and share a common trait of providing a security net against the factors beyond our control, but only a few specialise in property insurance. So, in line with our previous guide on how to get your home insured, 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 that are delineated for the protection of someone’s possessions and belongings while 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 saviour 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.
Some Reasons Why You Should Insure Your Property in Pakistan
At times, paying monthly premiums for property insurance might not make sense to some people. They would rather 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 – it’s an investment with zero risks.
There are no bones about it: owning a house is the most significant and prized asset that someone can pride themselves on in Pakistan. So, during unfortunate events leading to damages, uninsured homeowners are more likely to lose their assets and belongings than insured homeowners who will be empowered by the insurance company to recover their loss. 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 Institutions Offering Property Insurance 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, since it is the most secure route to take. Here are some of the most popular banks that are working in a partnership with zameen.com – and 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 and has branches all over the country. Based on the reviews available on their official website, their clients are delighted with their services. The company is known to take every measure to understand its clients’ needs, while their representatives are incredibly responsive 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 called “Fire Insurance”, which covers risks such as fire, earthquake, explosion, impact damage, atmospheric disturbance, bursting water tanks, riot & malicious damage, and burglary.
Contact Number: 051-111-444-687
Email Address: grievance@agico.com.pk
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 perils. Jubilee Property Insurance Plans include two different policies that go by the name of:
- Fire and Allied Perils: Every property is exposed to the many hazards of fire, whether it is a home, high-rise, or a commercial office, and it can cause severe destruction to finances and human life, too. Just like the name suggests, this insurance policy covers damages caused by fire and other such incidents where property gets damaged.
- Property All Risk: The plan covers a wider range of damages than the ones covered by the Fire and Allied Perils policy, which can include physical injuries, death by accident, or any other damage to the insured property that is covered by the policy.
Contact Number: 0800-03786
Email Address: info@jubileegeneral.com.pk
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 and 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 jewellery and cash at home. Just like the name suggests, the “Home Cover” policy offers coverage for things that can be damaged in a home.
Contact Number: 021-111-308-308
Email Address: contact.center@igi.com.pk
Website: https://www.igiinsurance.com.pk/
Alfalah Insurance
Alfalah Insurance envisions to be a leader in providing the most comprehensive and customised 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.
Contact Number: 042-111-786-234
Email Address: contactus@bankalfalah.com
Website: www.alfalahinsurance.com
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 Zameen Blog – the pioneer of lifestyle and property tips in Pakistan.
