Protect your home assets with right insurance cover

KG Krishnamoorthy Rao

Home is where the heart is, and nothing can bring in more security in life than our own home. However, unforeseen situations like burglary, theft or even an unexpected disaster, be it a natural or man-made, can prove to be a setback. The repercussions of natural calamities are always more than one can anticipate. Well, disasters are beyond the control of human efforts. All that we can do is take necessary preventive and corrective measures to safeguard our assets.

For beginners, getting a right insurance that covers all your assets is a must. It is only the insurance company that can reaffirm your financial security in such a tough time as apart from the building, the contents and other valuables in the house can also be protected with a home insurance cover.

Property/home insurance policies offer a gamut of benefits to the customers. They provide coverage against fire, burglary/ housebreaking and natural calamities, losses or damages to domestic and electronic appliances and portable equipment, such as laptops, liabilities like tenants’ legal liability, domestic workmen compensation and public liability. Usually, insurance provides coverage against natural calamities like fire, explosion and implosion, earthquake, lightning, storm, cyclone, tempest, tornado, hurricane, flood and inundation, subsidence, landslides and rockslides.

To invest in the right insurance policies for home, you should study the products and fine print before signing on the dotted line. Here are a few tips to simplify the process so as to strategically make the correct decision:

n Gather all information on the policy as well as the insurance company to understand its reputation in the market, particularly the speed of claim settlement.

n Be aware of the inclusions and exclusions of the policy so that you can have an appropriate mix of all that you require in the policy. Cheaper covers may leave out some important coverage that is essential for full protection.

n Look for available insurance riders. The insurance company that you approach may be able to offer you extra coverage especially for valuable items like jewellery.

Contrary to popular perception, claims process in any insurance company is a fairly simple and transparent process. The process of reporting a claim under home insurance is quite simple. In addition to the claim form and the estimate of repairs, you need to submit a copy of the FIR wherein a crime like burglary or theft has been committed.

Any photographs corroborating the loss or damage could also be provided to the insurer.

While you should purchase a cover that protects all your needs, it is equally important to renew the cover without any gap. Also always remember to read the contents of the insurance policy in detail. Do ensure that you purchase the insurance policy from an insurer with a good claim settlement record. Think about the security and peace of mind that the insurance protection will offer.

The writer is Managing Director and Chief Executive Officer, Future Generali India Insurance Company Limited. The views expressed in this article are his own