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 According to a recent report by United Nations on “Disaster Risk Reduction”, India ranks 3rd in the list of countries to be hit by most natural disasters over the past two decades. Such alarming facts should compel us to consider opting for insurance cover that protects Property (Residential and Commercial) damages caused due to such uncontrollable events.

Let us understand the nuances of how an insurance cover for a Property (Residential and Commercial) would shield us from financial impact of reinstating back the broken pieces.

  • Household Content Insurance – Under this cover, losses or damages that are directly caused to the building and household contents due to Fire, Explosion, Storm, Earthquake and Act of Terrorism are reimbursed subject to the insurance cover opted by the insured. Under this cover, damages caused to the content due leakage from Automatic Water Sprinkler are also indemnified.
  • Burglary and Theft – Due to any unforeseen and unauthorized entry in the insured premises by anti-social elements with the intention to steal household goods such as mechanical and electrical gadgets are covered under the policy, subject to the policy opted by the insured.
  • Jewellery & Valuables – Precious metals such as Jewellery and expensive valuables that are reimbursed upto a certain amount of the Sum Insured, subject to the policy opted by the insured.
  • Reinstatement Charges – In-case of Total Loss to the property, the reconstruction of the property would be considered on Reinstatement Value and not the Market Value of the land. Reinstatement Value represents the replacement value of the assets as new at time of Damage or Loss.

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