If you have multiple properties, insuring all of them separately may be hard to manage. Instead, you can opt for a blanket insurance policy where you insure all of them together. Read on to know more about this type of insurance. What is blanket insurance? Blanket insurance is a single insurance policy that covers multiple properties. It could be more than one type of property at one location, one type of property at different locations, or different kinds of properties at different locations. The entire property, that is, the building as well as the belongings and valuables in it are covered. It is like a blanket that covers everything. It can cover garages, swimming pools, and any other structure located on your property. Single and multiple If you have a single property, maybe a home in one building, you can choose a blanket insurance policy to cover the home as well as the various items in it like furniture, electronic goods, and appliances. If you have many properties, blanket insurance is helpful as it covers all the buildings and all your belongings within these buildings in a single policy. This is highly convenient and also offers better coverage and protection against risk. Blanket insurance for commercial properties It is not only homes that are covered under blanket insurance, but commercial properties can also be covered. If for instance, you are running more than one restaurant or a chain of retail shops, you can consider blanket insurance. You will be able to protect a lot more than basic property when you avail of a blanket insurance policy. It covers equipment, furniture, and even personal belongings. It also covers damage caused by different events like fire, flood, and theft. Costs involved Blanket insurance is not just many individual insurance policies put together. It offers much more protection than individual policies. It is very convenient as well. But due to these factors, blanket insurance policies are usually more expensive than an individual policy. In general, blanket insurance would cost around 10% more than an individual insurance policy, but the bundling reduces your overall expenses on different types of policies, making it more cost-effective. Blanket insurance for health You can take a blanket health insurance policy to cover your family in your health insurance. Blanket medical expense policies are also available. This takes care of all medical expenses, except those specifically mentioned. Benefits of blanket insurance Here are the benefits of blanket insurance coverage:
- The main feature of this type of insurance is that it covers multiple locations and properties under a single policy.
- It is convenient to manage as you need not worry about paying premiums on time for different policies.
- The biggest advantage is protection against risk. It does not specify a limit for one property. The total value insured can be used if there is a disaster at any of the properties covered.
- Blanket insurance coverage is useful for those who have multiple properties, whether residential or commercial. All the properties can be covered under a single policy.
