Best ways to secure your house from natural and other calamities.
A house is one of the biggest assets that one buys in one’s lifetime. But an unpredictable natural calamity, such as the recent floods in Kerala, can destroy your prized possession in no time. The tragedy gets amplified for people who have taken home loans. Therefore, insuring your house against natural as well as man-made calamities is imperative.
How a Home Insurance Policy Works
A basic home insurance policy provides cover against calamities such as riots, fire, explosion, etc. Some include burglary and theft, while others offer these as add-ons. One can buy a cover against terrorism as well. Broadly, there are three types of covers in the market — structure only, structure plus contents, and contents only. In the ‘structure only’ cover, land is not covered, though Bajaj Allianz has a policy that covers land too. Under the ‘structure only’ policy, the cover is calculated by multiplying the area of the house with the cost of construction in that area. For instance, if the built-up area in an upmarket Mumbai flat is 1,000 sq. ft, the market value of the flat may be ₹3 crore, but taking the cost of construction of, say, ₹4,000/sq. ft., the sum insured will come to ₹40 lakh (4,000 x 1,000).
“We have a provision for escalation in sum insured whereby the sum insured is automatically increased by 10 per cent in long-term policies on completion of every 12 months from the date of commencement of the cover. This will take care of the rise in the cost of construction due to inflation,” says Nikhil Apte, Chief Product Officer, Royal Sundaram General Insurance.
Esta historia es de la edición October 07, 2018 de Business Today.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición October 07, 2018 de Business Today.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor? Conectar
Haute Couture in the Kitchen
FASHION BRANDS ARE ENTERING THE RESTAURANT SPACE, AS FOOD SEEMS TO HAVE BECOME THE ULTIMATE FASHION STATEMENT
It's Personal
Mixing work and personal tasks on work machines may be a done thing for many, but it makes sense to have a dedicated device for your personal needs. Here are two such devices
INTO THE BLUE
For WTiCabs Founder and CEO Ashok Vashist, scuba diving is not just an adventure sport. It is a pathway to connect with the ocean
"Challenges are opportunities"
AMIT JAIN CO-FOUNDER & CEO CARDEKHO GROUP CarDekho Group is a digital automotive solutions provider
THE WAIT FOR HIGHER PENSION
ALMOST 18 MONTHS AFTER THE SUPREME COURT RULING, SUBSCRIBERS WHO OPTED FOR A HIGHER PENSION UNDER THE EMPLOYEES' PENSION SCHEME CONTINUE TO WAIT AS THE EPFO, FACING A STAFF CRUNCH, TRIES TO FIGURE OUT THE MATH
"It's possible to have a 25% growth out of India from now on"
Rail Europe Executive Chairman & CEO Björn Bender talks about the India market, the shift to digital, and the way ahead
Evolving Strategies
Companies need to adapt to changing times for a strong workforce
PERKS PRESSURE
IT'S NOT JUST ABOUT THE MONEY ANYMORE FOR EMPLOYEES. FROM FOUR-DAY WORK WEEKS, TO SKILLING ON THE JOB AND MENTAL WELL-BEING EXERCISES, COMPANIES ARE OFFERING A HOST OF BENEFITS TO RETAIN TOP TALENT. IS THIS ENOUGH?
FOSTERING PLURALISM
Axis Bank, with its initiatives and policies, is striving to make a holistic difference to people's careers and hone their skills too
In Keeping With The Times
With a slew of initiatives for its employees, Abbott India is working hard to build a diverse and inclusive workforce