HOME INSURANCE

India is known for its spending on household appliances and homes. A small amount of money is all that is needed to protect them. Insurance is often neglected because we are unaware of the risks or fear the premiums will be too high. Sadly, we live in a world that is surrounded by natural disasters, theft and many other risks. Paying a small annual premium can give you peace of mind and coverage if something unfortunate happens.

Let’s take a look at some of the common risks that can happen to your home and belongings. Fires, gas cylinder kerosene stoves, electric heaters, electrical short circuits, lightning, forest fires, and fires that may spread from neighboring homes or establishments fall into this category. In times of natural disasters, nearby trees can fall on houses and walls due to strong winds. It is also possible for roofing sheets to fly away in the wind. Low lying areas are more vulnerable to water intrusion, which can damage houses, belongings and crumble walls. Although tsunami-like events are rare, coastal areas are still at risk. Hilly areas are more likely to experience landslides and rockslides. Tall buildings are at risk if there is an earthquake. Road accidents can also damage the house, wall, and gate facing the road. Crowd attacks and vandalism are also potential risks. The loss of household items is another possibility. Furthermore, they usually break into houses, drill holes in walls, damage the house and possessions, and if nothing is found, destroy what they find as a way to vent their hatred.

All of the above risks can be mitigated through this policy. A house may include buildings, enclosures, and gates. Items such as furniture, electrical/electronic equipment, and personal belongings are considered household goods.

HOME PACKAGE INSURANCE

Nowadays, most general insurance companies offer low-cost policies that cover almost any type of accidental loss. Many of these risks are covered by a home package insurance policy.

Home appliances include televisions, home theatres, refrigerators, washing machines, air conditioners, vacuum cleaners, microwaves, mixers, juicers, grinders, gas stoves, computers, etc. Most home appliances come with a warranty or guarantee for the first year. It will, however, be according to the terms of the companies.

Home appliances are exposed to a wide range of risks. The risks include fire, mechanical or electrical breakdown, theft, smashing, dropping, damage caused by voltage fluctuation, lightning, water damage, etc. To cover the above risks, fire, burglary, TV insurance, machinery breakdown, and electronic equipment policies should be taken.

Insuring home appliances requires details (company name, description, serial number, etc.), price, and year of manufacture. In today’s world, it is possible to insure the contents separately or together with the house. If there is a claim for furniture/household appliances, the policyholder will only receive the amount less depreciation for wear and tear. During the process of insuring household goods, special care should be taken to make sure that all household items are covered and that the items are correctly described.

Policyholders must immediately notify their insurer in writing if they wish to file a claim. In all circumstances, damaged goods will not be repaired without the prior approval of the Company. Compensation is calculated based on the cost of the damaged goods (after depreciation) plus service charges.

Today, many insurance companies in India offer customized home package policies, such as IFFCO Tokyo General Insurance Company and New India Assurance Company, etc. The home insurance package is divided into different slabs. The process of choosing a slab is highly straightforward since different slabs have a varying sum insured. It allows customers of average, middle, and high incomes to choose products that will fit their needs.

A section discount is available on home package insurance when more risks are covered. Listed above are only average market premiums. The premium accepted by some companies can be greater/less than this, so make sure you compare multiple insurance companies’ premiums, services, and other details before insuring.

Kerala was recently hit by floods that severely damaged thousands of houses and belongings. However, if the vast majority of us had insured ourselves for a nominal sum, we could have covered the losses on our own. Experience has taught us one thing very clearly. Today, risks are increasing, making insurance more pertinent than ever. Isn’t this realization making you think that it might be a wise move for you to start insuring yourself and live in peace as a result?

Viswanathan Odatt

Mob No. 98957 68333

Email: odatt@aimsinsurance.in