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How to Protect Properties from Natural Disasters

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How to Protect Properties from Natural Disasters

The country has recently been towed down by heavy deluge followed by watersheds. Not only smaller towns and cities in the eastern India were affected but also the Financial Capital of India, Mumbai was not spared from the onslaughts of Nature.  Although fellow human beings have supported the flood victims with outstretched arms, still the loss of those who have faced the direct blow is irreplaceable. In case of such natural disasters like the flood, finding a shelter is just one of the problems which can be met with the cooperation of the fellow human beings. However, there are many other problems that are a bit too critical to solve.

These concerns usually pop up their ugly heads only after the waters recedes. For example, motor vehicles damaged on the way home, or submerged where they were parked would have suffered damage; then comes the damaged caused on your property. These days, the property is the biggest asset for most of the middle and upper middle class strata of the society. The damage incurred by these natural disasters is bound to bring a sense of devastation among the owners of the houses.

Therefore, keeping in mind the current scenario of the vulnerable world we are living in, Insurance against natural disasters has become the need of the day. It is important for all to know that General Insurance not only covers Natural Disasters but also provides coverage against Theft and Burglary. Protection against burglary, fire, earthquake; perils like storms and floods are being covered by the General Insurance that too at a small additional premium.

 General Insurance also entertains damage suffered in upholstery as well as engines of the disaster affected vehicles. The complete loss incurred due to the damage of the vehicle would be entertained and paid after deductibles and depreciation if it can be proved that the damage was not due to the carelessness of the owner but due to an accident or a natural disaster.

Similar coverage benefits are also there in the property sector. Commonly all other wealth such as jewelry, currency, and documents of ownership of other assets are usually kept at home. So, in times disasters like the one that happened recently in Mumbai, it is quite natural that all these valuables would be either stolen or misplaced. Therefore, one must bring these assets under insurance coverage as well.

Few of these areas are covered under insurance in India. As we have already discussed general insurance firms provide coverage against damage and theft to property. But protection is against burglary, fire, earthquake, perils like storms and floods are optional and can be availed only by paying a small additional premium. Usually, coverage of property is the plinth, foundation, and structure – at reconstruction.  Surprisingly, the market value of the property has no significance.

However,  householder’s insurance covers contents of the house, such as electrical, electronic goods and furniture. Other components of the property such as the compound and precious contents like works of art and jewelry can be included by paying some extra premium. Loss of rent can also be included here.

And the best part is that these insurance come at an affordable rate and it is highly recommended in today’s scenario.

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