Cov­er­ing All Points

Consumer Voice - - Bfsi -

on per­sonal spend­ing ca­pac­i­ties and re­quire­ments. Se­lect con­tents that you want to get un­der the in­sur­ance um­brella. Cov­er­age amount may de­pend upon the re­in­state­ment value or the cur­rent value of the prod­uct in mar­ket. Also in­cluded is the per­sonal ac­ci­dent cover con­cern­ing per­ma­nent dis­abil­ity or death of pol­i­cy­holder. In such cases, the nom­i­nee gets pre­de­ter­mined com­pen­sa­tion amounts. Home in­sur­ance pro­vides cov­er­age for the loss of or dam­age to one’s per­sonal prop­erty and pos­ses­sions due to nat­u­ral and man­made calami­ties. a) Nat­u­ral: Fire, storm, earth­quake, tor­nado,

cy­clone, flood, land­slide, light­ning, etc. b) Man­made: Fire, bur­glary, theft, air­craft dam­age, ma­li­cious dam­age, ter­ror­ism, strike, riot, ex­plo­sion, etc. In­sur­ance Reg­u­la­tory and Devel­op­ment Author­ity of In­dia (IRDAI) cat­e­go­rizes this type of in­sur­ance as ‘prop­erty in­sur­ance’.

You’ve taken stock of the kind of pro­tec­tion your house needs, now eval­u­ate which pol­icy pro­vides the most com­pre­hen­sive pro­tec­tion for your spe­cific risks. Be ac­cu­rate when de­cid­ing on the ex­tent of cover. Does it of­fer the op­tions of cov­er­ing the struc­ture, con­tent or both? If you live in an area prone to a cer­tain kind of nat­u­ral dis­as­ter, it makes no sense to take a home in­sur­ance pol­icy that won’t cover you for it. Do note that the pre­mium would vary ac­cord­ing to the ex­tent of cover and type of cover you want.

Clearly de­fine the valid amount for var­i­ous cat­e­gories like struc­ture cover for fire and al­lied per­ils, and con­tents cover for fire and al­lied per­ils (cover for fur­ni­ture, elec­tronic equip­ment and ap­pli­ca­tion break­down). Also, the op­tion for bur­glary cover is pro­vided to save your home from theft. This step gives a clear pic­ture of what comes un­der pro­tec­tion along with the ex­act cover amount of­fered by the in­surer. De­cid­ing the amount for cover, and cover for dif­fer­ent cat­e­gories and kinds of dam­age re­quires that we are clear about the ac­tual worth and value of our house and its con­tents. Should there be a fire, how much will it take to re­place all the elec­tron­ics and fur­ni­ture in the home and to re­pair the house? If there

This cov­ers bur­glary or theft at home, rob­bery of the con­tents of the home, con­tents that have been placed in safe cus­tody dur­ing tem­po­rary ab­sence from home, con­tents that have been re­moved to pri­vate ac­com­mo­da­tion (other than one’s home) that is

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