Due to excessive rains in the monsoon season, personal property including houses, offices are damaged. Hence, home and property insurance should be viewed as a highly valuable product.
Protect Your Home in Monsoon: After summer, everyone waits for the monsoon. While the weather becomes pleasant due to monsoon, it also gives us relief from the heat. But sometimes the monsoon leaves a trail of damage behind it. The houses also get damaged due to excessive rain during the period. Therefore, if you do not take proper home insurance cover in time, then you may have to loose your pocket a bit later. Therefore, along with health, it is important to be aware of the safety of the house.
Comprehensive home insurance policy required
Due to excessive rains in the monsoon season, personal property including houses, offices are damaged. According to Industry Insider, it is important to view home and property insurance as a highly valuable product. Under a comprehensive home insurance policy, the insurance company provides coverage for any damage caused by natural calamities including floods.
How safe is your home in monsoon
If you live or have a home near a landslide prone area (for example, a mountainous area), you need to be on the alert. You need to do a ‘Ground Assessment’ to assess the potential damage due to the landslide. If you are planning to build a house, then you must follow the safety standards. You should consult a Certified Engineering Geologist before building a house. A small mistake of yours can prove fatal during a disaster. It can be said that potentially it can erase everything.
These steps can help you
Before building a house, carefully assess the surrounding landscape. Avoid steep slopes, steep slopes and natural paths of rivers.
Plant trees in the grounds around your house, due to which the soil remains firmly seated. At the same time, build a strong wall to protect the stone from falling on the house.
Build strong pillars to keep the base of the house strong along with the deflection walls to direct the flow of soil erosion away from the building.
Financial security and support
The mood of the weather is becoming quite unpredictable. So getting enough insurance cover for your home is a smart way to go. For this reason, it is necessary to have a home insurance policy for financial security in case of any risk. With a home insurance policy, when you or your family needs the most, it comes in the form of financial security i.e. financial protection and support.
Tension free home insurance
Natural disasters are not preventable, as they are not controllable events. Due to heavy rains in the monsoon, disasters like landslides and flash floods happen. To insure your home against such unforeseen calamities, you can opt for a better home insurance policy. It will financially protect the structure of your house or the things kept in the house and will also keep you tension free.
what to keep in mind
The premium is calculated on the basis of factors like area (sq. ft.), cost of reconstruction (per sq. ft.) and estimated value of the property. While choosing insurance, keep in mind that home insurance comprises two major components – structure and content. Homeowners can insure both the structure as well as the property. Whereas tenants can buy content insurance to cover assets such as home appliances, clothing and jewellery. Also, one can opt for additional insurance for both the risks associated with terrorism as well as the cost of rent in case of need for alternative accommodation.
(Author: Sanjay Dutta, Chief – Underwriting, Reinsurance, Claims & Actuarial, ICICI Lombard GIC)