Home insurance is similar to home insurance in that it covers all losses and damages that may occur to a person’s home. Today, Pakistan faces many challenges and everyone needs proper security for their homes and businesses. United Insurance Company of Pakistan Limited is one of the best insurance companies offering the best home insurance services. UIC protects your dreams with a home security system.
Home is where the heart is! In a world of luxury and comfort, a paradise filled with warmth and love. Unfortunately, during these uncertain times, these sacred sites are facing human threats and terrorism.
Despite all the precautions you can take, your home is still susceptible to dangers such as theft, natural disasters, weather, and fire. The high costs of consumer settlements and new construction cannot replace the lost equity.
Why Home Insurance Plan?
Home Secure Plan covers loss or damage caused by:
- Armed robbery, burglary and house breaking
- Earthquake
- Rain, Flood, Cyclone & Severe Storms
- Riot & Strike damage
- Acts of Malicious Persons
- Fire and Lightning
- Explosion
- Falling Aircraft and other Aerial Devices
- Water damage due to bust pipes
- Impact of Motor Vehicle
- Impact of falling trees
- Accidental loss breakage (glazing)
- Accidental damage to underground tanks
- Loss of Rent
Rent loss is the loss of rent and other insured mortgage payments that renders your home uninhabitable. A home is eligible if it is covered by a home insurance plan, with coverage up to 10% of the home’s policy value.
How Insurance Works
Insurance can help you pay for property damage or compensate others on your behalf if you injure them or damage their property. Insurance is a contract that transfers the risk of financial loss from a person or business to an insurance company. They charge small amounts to customers and raise funds to cover losses.
Home Insurance is divided into two major categories:
- Property and Casualty insurance (P&C)
- Life and Health insurance
Insurance companies use risks and rules of thumb to determine the amount of premiums to pay customers based on different circumstances. The company needs to pay enough to cover future claims, cover its costs and make a profit, but cannot pay customers. In most cases, the insurance company must collect the expected amount when this happens to the customer.
Insurance companies market their products and services to consumers in a variety of ways. The amount a company pays to obtain coverage is determined by state regulations. Insurers may not select policyholders or underwriters based on factors unrelated to the risk of loss.