General Insurance

   

    

                                                        

General Insurance or Non life Insurance policies provide payment depending on the loss of financial event if insured. This doesn’t cover life and hence the name General insurance. It is called as property and casualty insurance in the U.S. and Canada and Non-Life Insurance in Continental Europe.

The main products of General Insurance includes,

Motor Insurance

Home Insurance

Personal Accident Insurance

Health Insurance

Travel Insurance

Risk covered under this Insurance;

Any insurance covers certain risk and for which they provide solution. In general the common risk covered under this are,

ü  Loss arising due to damage or lost,

ü  Damage caused by ourselves against any third party,

ü  Accidental death or injury

We can see a brief on these insurance types now,

Motor Insurance – It is generally issued while buying a bike, car and any vehicle. Many had accepted that this is mandatory at least for the sake of showing it to the Traffic police and to some for getting money from Insurance companies in case of any accident.

Home Insurance - All insurance are risk protection instrument and follows the principle of ‘prevention is better than cure’, this Home insurance specifically for risk protection from burglary, damage due to riots, vandalism, earthquake etc. This insurance protection provides complete coverage for your building as per the value and content that are insured by you.

Personal Accident Insurance – Personal accident insurance are generally provided nowadays along with 2 wheeler or 4 wheeler policy renewal, but your life is more worth than 1 or 2 lakhs. Get a comprehensive policy which can provide compensation during the time of accident and which takes care of hospital costs. This is mainly needed as no one follows the traffic rules in India and no one cannot be sure on their safety, until they reaches home or office safely.

Health Insurance – Health insurance is one of the essential insurance needed for every one along with term insurance. You may be provided with one in your office which may not be sufficient and it may not be comprehensive. It is better and advisable to get one comprehensive health insurance policy separately.

Travel Insurance – Travel insurance may be helpful when you are going on a travel to a new destination. Problems arising out of baggage miss, losing your documents, any medical emergency etc can be covered under this Travel insurance.

Opinion differs among who had taken any of these insurance based on its usage to their life, but remember this is risk protection rather than an investment. Don’t worry if you had traveled safely and returned without any medical complications or loss of documents with your travel insurance because this provides protection that you will be safe at any point of time till you return to your home.

Similarly never worry when your health insurance is not useful as you are not using, say thanks to yourself for not getting any health complications as some of the disease may continue for lifetime though you can protected with health insurance.

Should I go for Home Insurance - 2

                         

                                                               [image source : destinyroseinsurance]

This is continuation of our last blog on home insurance, let us look at the benefits of having this home insurance with a case study

Benefits of Home Insurance;

Though there are several clauses which may be put in by insurance companies during claim, it is advisable to plan and make a point to ask each and every doubts or clarifications while you are taking this policy to your home. Any theft, vandalism, wreckage caused by riots, fire, explosion, flood, damage caused by any animals etc are covered under this policy.

Let us have a case study to understand how this Home insurance works. One of my friend had taken building insurance for his shop. He has taken this insurance only after first theft had happened. After taking his insurance again a theft had happened by breaking the main door and they had looted available cash in the shop. On checking by insurance companies they provided compensation for breaking the shop and not for the looted money as the cash box was not mentioned in the insurance policy.

Something is better than nothing and no one knows what will happen the next day, so it is better to go for comprehensive home insurance policy. Most important thing while taking policy is to get sum insured to the actual value, don’t under insure or over insure as during claim process they will be assessing the value of the building and component before paying the amount.

Who is offering?

      Almost all the General insurance companies in india are offering this insurance with varied                 features, choose the one which suits best for you and your home. Some of them are HDFC, ICICI,       SBI etc

Should I go for Home Insurance, definitely yes, but after careful analysis of your requirement for coverage

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                                              [Image source : flyingsparrow]

Just like our life our home is also very much close to our heart. Any theft, fire and allied perils, earthquake etc can cause damage to our home and home insurance can compensate for the losses if taken adequately. Insurance can be taken on the construction value of the home and it can be increased by certain percentage every year. Even the contents of the home can be covered and adequate coverage needs to be taken for every possessed item in the home. Home Insurance Policy can be taken for consecutive years or for the long term.

Home insurance policy contains;

Building Insurance – any damage to the buildings will be covered under this

Content Insurance – any damage to the content of the home will be covered under this

All risk cover – Anything just outside home will also be covered if this is chosen

Liability Insurance – Any injury arising out of your home will be covered with this

We can choose the policy having all these sections or the one which we want, further it can be also be taken by the people who are staying in rented house.

General Exclusions;

Ø  Damage as a consequence of war, invasion, act of foreign enemy, hostilities, civil war, rebellion, revolution etc.

Ø  Any damage due to confiscation, commandeering, requisition or destruction by order of any government or lawfully constituted authority.

Ø  Any damage directly or indirectly caused by or contributed to or arising from ionizing radiation or contamination by radioactivity.

Ø  Depreciation and damage caused by wear and tear or gradual deterioration.

Ø  Damage to property and contents due to pollution of any kind.