There are insurance covers that protect you from damages/losses due to calamities and thefts: floods, fire, earthquakes, terrorism and a whole host of perils.
Cyclones, earthquakes, floods, and fire lead to huge losses in life and property
In 2014, Jammu & Kashmir was devastated by flash floods and landslides. There were sad stories of people losing their loved ones and families torn apart. Apart from the loss of lives and injuries, families lost their belongings and saw their possessions and houses destroyed by the floods. Losses from such destruction ranged from a few lakhs to several crores of rupees depending on the wealth and affluence of the families concerned.
Many had to abandon their homes and escape the rapidly rising waters, clad only in their clothes. They couldn’t even wait to take any of their belongings.
India is a country of vast climatic and geological diversity. Some areas are prone to floods and some to earthquakes and landslides; there are areas where cyclones are an annual phenomenon — such as the coastal states of Odisha and Andhra Pradesh
Man-made disasters such as fires, due to inefficient safety precautions in urban infrastructure, are a constant threat while burglaries and thefts are a common occurrence, in both cities and rural areas.
What happens if we lose our property and everything we own in a flood, earthquake or even a fire? Most of our wealth or money is often trapped in such possessions. How do we replace all that and rebuild our lives all over again?
This is where insurance comes in and these are covers which insurance companies do not actively promote but which will be `life-savers’ in such situations.
Insurance companies have policies that give protection against disasters including fire, floods, earthquakes, landslides, and burglaries. Let us take a look at what kind of covers we can get.
Types of Insurance Covers That Protect You From Calamities and Thefts
1. Fire Insurance
It is called fire insurance but this insurance product covers damages from a whole host of perils — fire, lightning, explosions, riots, strikes, malicious damage, storms, cyclones, typhoons, tempest, hurricane, tornado, floods & inundation, earthquakes, impact damage, subsidence and landslides including rock slides, bursting or overflowing of water tanks and pipes, missile testing operations, water leakages, bush fires and terrorism.
You can insure whatever property you own — buildings, furniture, fixtures and all the contents of your property, whether it is a residence or commercial premises.
2. Householders Insurance
This cover is specifically meant for individual homeowners and covers a variety of insurance risks. Here too you get fire protection for the dwelling and the contents therein. It also covers losses due to burglary, theft and housebreaking, breakdown of domestic appliances and electronic items while you also get a personal accident liability cover in case you or your family suffers injuries due to any calamity.
3. Burglary Insurance
This is a specific cover for theft and robbery in business premises. If you run an office and there has been theft or burglary, then this cover will help you to recover the loss — provided you can show that there is visible signs of forcible or violent entry or exit from the premises
As with most of the covers available, the premium rates are terribly low. For instance, for a residential house, you would have to pay only around ₹35 per lakh of the sum insured if you take a standard fire policy.
Get an insurance cover and get peace of mind!
By Amit kaushik
