What is Property Insurance: Limitations & Benefits of Property Insurance: Mortgage Property Insurance

Whether your property is residential or commercial it should be property mortgage insured to provide financial protection against damages. Insurance companies charge an annual premium after evaluating the building's value and risk exposure by conducting a pre-insurance survey.
There are two main types of mortgage property insurance available:

1.Buildings and fittings (including electrical, plumbing, glass and wooden fittings).
This usually covers the damages/losses to the property caused by:

• Fires or explosions.
• Natural disasters (earthquakes and atmospheric disturbances such as storms, flooding and lightning strikes, etc)
• Plumbing or electrical problems (burst water pipes, short circuits, etc)
• Property damage (due to malicious acts, riots, strikes, car/aircraft crashes etc) 

Limitations: Properties are not insurable against damages/losses due to illegal possession. Additionally, some insurance companies provide conditional or no coverage for buildings located in earthquake zones and/or storm-susceptible areas.
Annual Insurance Premium (fee charged by the company) is usually 0.18-1% of the building's estimated value.
2. Building and fittings plus contents: Along with the structure and fittings, this also covers specified contents within the building including crockery, cutlery, furniture and fixtures, as well as valuables such as jewelery, paintings, antiques, electronics and home/office appliance etc. The home/office owner is required to provide the insurance company with a list of all the building's contents and their estimated value, based on which the insurance company proposes a premium.
Limitations: Electronic items such as laptops, cell phones and gadgets etc. can be insured, but damage/loss occurring to them outside the premises is not covered. Jewelery and cash must be specifically declared along with their value. In some cases, instead of inuring of property mortgage insurance the full value of expensive jewelery, the insurance company may decide to insure only a percentage of the stated value.
Annual Insurance Premium is 1-2% of the total value of building fittings and contents.

A city by The Sea: Commercial City

Dolmen City is an up and coming commercial projects in Karachi and is attracting investment from across Pakistan. One of the first commercial complexes to open on the Clifton coastline, Dolmen City is located in proximity to upscale restaurants, art galleries, exclusive schools and some of Karachi's largest public parks.

The Harbour Front and Executive tower have been functioning for quite some time and primarily comprise outlets serving as office spaces, where several national and multinational companies have a presence. A shopping mall has opened recent;ly.
Currently, Dolmen city comprises:
1. The Harbour Front comprises 19 floors, each with a covered area of 14,500 square feet. The harbor Front provides faculties including security, fire alarms, a sprinkler system, a centralist mail room and cargo delivery area, as well as car parking. The occupancy rate stands at 60%.
2. The Executive Tower comprises 17 floors, each with a covered area of 11,700 square feet. Facilities include reserved ca parking. The occupancy rate is 85%.
3. The Mall: With a floor of 1,000,000 square feet outlets. Currently, the Mall's main attraction is the presence of an international hypermarket chain. Plans are underway for a food court, restaurants, coffee shops and recreational facilities. Facilities include basement and ground level parking, as well as security.

What Five to 10 Million Rupees will get you in Karachi

Karachi is Pakistan's largest city, the financial capital and busiest seaport. The city has thriving commercial districts, fashionable markets and plenty of entertainment.
Residential real estate option start at the coastline and stretch across the city.
Here is a look at residential areas in Karachi prices between five and 10 million rupees, which are attracting investment from across Pakistan:
1. Defence is an upscale area which lavish homes, verdant parks, prestigious schools and upmarket commercial areas with plenty of shopping and fine dinning options. An expensive area, only plot in Difference Phases VIII and VIII Extension, and houses in Phase II are available in the five to 10 million price range.

Defence Phase II
House (sq yds)                                                       Purchase Price (Rs)
100                                                                            9-10 million

Defence Phases VIII and VIII Extension
Plots (sq yds)                                                       Purchase Price (Rs)
300                                                                         5-5.5 million
500                                                                         7.5-8 million
666                                                                         9-9.5 million

2. Gulshan-e-Iqbal is a microcosm unto itself, with several prominent landmarks including the Civic Centre, the Expo Centre and Karachi University, Gulshan has plenty of educational institutions, hospitals, as well as shopping and dining options.
Houses (sq yds)                                                  Purchase Price (Rs)
120                                                                        6-7.5 million
200                                                                        6.5-7.5 million

3. North Nazimabad was an elite neighborhood in the early 1950. Although this is no longer the case, the area is still very well regarded and has numerous malls, shopping markets, restaurants, hospitals, educational institutions, parks and marriage halls.
Houses (sq yds)                                                 Purchase Price (Rs)
120                                                                        4-4.5 million
200                                                                        6.5-7.5 million
400                                                                        8.5-10 million

4. PECHS (Pakistan Employees Cooperative Housing Society) is spread over six blocks, offer good shopping and dining options and is ideally located in proximity to shopping hubs such as Tariq Road and Bahadurabad. It is easily accessible from Shahrah-e-Faisal.
Houses (sq yds)                                                 Purchase Price (Rs)
200                                                                       8.5-10 million