Real estate is the legal term (in some jurisdictions) which refers to land and fixtures together. It includes land and anything which is affixed to it like buildings. Whereas Real property is the term related to rights of ownership of the land. Insurance is defined as social device for providing compensation for the benefits of misfortune, the payments being made from the accumulated contributions of all the parties participating in the scheme. Insurance can be broadly categorized as life insurance, health insurance, casualty insurance, liability insurance, credit insurance, property insurance and miscellaneous insurance such as financial loss insurance, locked funds etc. Real estate insurance is a suitable policy to safeguard risk. Any property you are purchasing whether it is a piece of land, an apartment , or renting an apartment it is essential to cover yourself from the risk of damage from natural and unnatural calamities by getting your property insured by opting a real estate insurance policy.
Real estate is a booming sector in India. Despite of the recent spate of the natural calamities that has hit the India like earthquake, tsunami and floods insurance companies are offering attractive policies to their customers to suit their budget and need. Real estate insurance policy provides protection to the buyer against the loss and risk of the property purchased. The one question which is raised most of the time that is there a need to insure the real estate?? There are five key factors on the basis of which we can say that there is a demand to insure the real estate and these key factors are:
- The more you have, the more you risk.
- People are quick to sue.
- Expensive defense system.
- Repairs may not be allowed.
- Many lenders persist in doing it.
There are various types of insurance plans like: commercial real estate insurance- for the safety of real estate investors; pure vanilla real estate insurance or property insurance plan- to protect the property against the loss due to damage; and real estate title insurance plan- it helps to cover your property if it is not made through investigation like the property title. The standard forms of this policy are- owner’s policy, lender’s policy and construction loan policy.
The real estate sector is expanding with the market witnessing an upswing in full growth. Now a day’s real estate has become a major area of business with the development of private property business .This is also creating numerous job opportunities for young and experienced professionals like never before. Each portion of land has unique and special characteristics and its purchase require significant investments and on the basis of the unique characteristics of land real estate has gradually developed into various distinct fields. Real estate business is of various kinds such as - real estate marketing, real estate investing, development, property management, appraisal, brokerages, relocation services and corporate real estate. In each field, business is specialized into a particular type of real estate such as commercial, residential or industrial property. Real estate is effectively connected to almost all the construction businesses.
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