As we see incidents happening around the world, we realize the necessity of getting insured against the natural calamities. It is not a separate product; it is included in the automobile, home, and business insurance. The prime motive behind it is to safeguard one from the monetary loss which one may need to have the property or vehicle again. Many service providers offer various policies at different rates that can help one to save from such unforeseen events.
These calamities cause heavy losses of money and property that cannot be measured but people who were cautious enough to secure against it feel somewhat better as due to the insurance one can have great relief while restoring the property.
Below are given three insurance covers that help you in such conditions:
Such natural calamities as storm, earthquake or flood damage the property. People take policies that secure their homes and business establishments. Basic fire insurance policy covers your house and its other contents against fire and other dangers such as storm, lightning, and floods. To cover earthquake is somewhat typical because it has an add-on cover as the premiums for it depends on the geographical zone your house is situated in.
You can opt for a house holder’s package policy (HPP). It has more options included in it. In addition to natural perils, it secures the house and its contents against damage and mechanical, burglary or electrical breakdowns. It also covers public liability, personal accidents, and workmen’s compensation
Personal accident insurance
Risk of getting injured or disabled is very high in natural disasters like an earthquake or flood. If a person is permanently or temporarily crippled in an accident, a personal accident cover offers you compensation. This policy gives you four kinds of covers: permanent disability, death permanent partial disability and temporary total disability. In case of death or permanent or partial disability, he is paid as per the prescribed amount of the sum insured. In partial disability, a portion of sum insured is paid. In case of temporary disability compensation is paid up to 104 weeks. The householder’s package policy includes the option of taking personal accident policy. Consider taking it and compare insurance features being offered.
Natural disasters like earthquake or floods suddenly change the financial position of your family. If you are the only breadwinner of your family and you meet such a calamity, in that case, life insurance cover ensures that your family remains safe without the shortage of money. In the lowest cover, it provides maximum but pays nothing if the person survives the term.
Points to be noted:
Protecting yourself against natural calamity is necessary. Take it but look around for better policies offered by others and note insurance compare quotes that cover your policies.
See for exclusion and inclusion sections, talk to your insurer if you desire to have some item in your exclusion list.For instance, if your car is secured against damages caused by fire, landslide and earthquake not covering flood and tsunami you will not get anything if flood or tsunami damage it.