Property Insurance in Nepal

We provide the best property insurance in Nepal. We have a policy to protect your properties under various uncertainties. The policy includes all types of properties.

The risk with this policy covers nearly almost all kinds of natural calamities along with Impact damage, aerial damage, RSD/MD/ST risk, theft/burglary, explosion/implosion damage, self-combustion, and Missile Testing Operation damage.

Let learn more about this policy in brief.

7 Types of Property Policy in Nepal

There are 7 major types of property insurance policy provided by Premier Insurance which are;

What Does Property Insurance Cover ( Main Risk Coverage)

The main risk coverage after getting  are as follows;

  • Fire, Lightning
  • Earthquake
  • Storm, Typhoon, Hurricane
  • Water Damage, Snow, Frost, Hail Storm, Flood, Inundation
  • Landslide, Subsidence
  • Rockslide
  • Impact Damage
  • Aerial Damage
  • RSD/MD/ST Risk
  • Explosion/Implosion Damage
  • Self Combustion
  • Missile Testing Operation Damage
  • Theft (House Breaking), Dacoity

Extra Risk Coverage

  • Architect, Engineer, and Surveyor’s Fee up to 3% of claim amount within Sum insured
  • Debris Removal up to 10 Lakh or 10% of claim amount whichever is lower within the Sum insured
  • GPA coverage for 5 persons within the insured house premises (under home insurance policy only)

How to buy property Insurance in Nepal?

Learn how to get your property insurance from the guided video below;

Short Period Premium Rate

  • Up to 1 month: 15%
  • Up to 3 months: 40%
  • Up to 6 months: 70%
  • Up to 9 months: 85%
  • Above 9 months: full premium applicable

Things to know before buying Property Insurance

  • The endorsement will be issued to exclude RSD/MD/ST risk only
  • The addendum will be issued for other changes
  • Limited provision for sum insured increase and decrease
  • Single rate for all properties within the same premises
  • Risk code, Rate code, premium rate, and the amount should be clearly mentioned in the policy
  • Ownership transfer within 30 days
  • The policy must be effective within 35 days from the issuing date
  • Record of policy acknowledgment (by the client) should be kept properly in the office docket
  • Claim intimation period within 6 months of the occurrence

Proposal Form:

Understanding the proposal form of the property policy is also equally important while buying your first property insurance in Nepal. Here are some points to be noted before filling up your property insurance proposal form.

  • The proposal form for property insurance must be filled up properly by the insured with all details of the property to be insured
  • No blank space, no symbol, no sign to be used
  • The loanee should fill up the proposal on behalf of the financial institution
  • Site inspection is compulsory before issuing policy for valued policy and reinstatement policy

Download policy here.

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