India is certainly ranking as a most populous country, but it is very much behind in the number of insured people. You can find a big chunk of people refusing to buy any insurance form. This attitude is high in India and with this situation going for earthquake ensure is even rare. A very few parts in India have experienced or are victims of earthquakes and so Indians do not consider earthquake insurance useful. It is observed that only business ventures are opting for earthquake insurance. However, with the uncertainties taking place, earthquake insurance may be considered as a worthwhile investment in India.
Factors to consider
- Earthquake Insurance Coverage: Get sufficient insurance covering the rebuilding cost of your home and replacing your belongings. Figure a rough number. Do not base on the actual or market value, instead plan and understand the insurance claiming terms and conditions before applying.
- Policy cover against Calamities: The insurance policies give a cover for an earthquake. It is available for earthquakes, floods, droughts and so. Gujarat is an affected area and so has earthquake insurance policy from companies such as LIC, ICICI Lombard and Royal Sundaram. The policy covers your house again natural calamities such as cyclones, earthquakes, floods and storms, riots, gas explosions and also terrorist attacks. This does not cover cash, valuables, metals, jewelry, securities, bonds, metals and documents.
- Aftermath: During natural disasters such as earthquakes, it is impossible to find the earthquake insurance related documents from the debris. However, now as all information is tucked in the computers safely, you can claim the insurance. Even if the insurance office is also affected due to the earthquake, your information can be retrieved. But your family members should produce proper ID proofs.
- Relatives Support: Relatives or family member’s approval is accepted by LIC to assure the insurance claim. Contact the insurance agency for the claim immediately and give the policy holder’s valid death certificate. In fact, you can produce ideal proofs of newspaper cut-outs. However, if the policyholder members pass away and there are more people demanding the claim, the dispute will be settled by the court.
What actually needs to be covered?
Home insurance, especially the earthquake insurance in India is cheap and does not dig your wallet or break your bank. The structure insurance against damage is low and so bear in mind you need not ensure the property value existing at present. Instead ensure the reconstruction cost. This may vary with each company for the no-frills basic structure to a premium construction. In case you break it to daily cost, it will not be even a cup of tea amount that you may be paying to any roadside vendor. Investing on earthquake insurance for your home protects your property and house at a miniscule cost. You will observe that the benefits outweigh the cost.
Earthquake insurance Benefits
The fact cannot be denied that house earthquake insurance is a must as there are benefits and it will convince you totally. Some of the benefits include:
- Get coverage to structure and the contents of your home.
- Pay timely insurance to go through quickly the rebuilding process as this helps in getting timely claim money.
- You can stay peaceful as to face unforeseen circumstances, you have your insurance investment done.
In today’s times, it is imperative to buy a home earthquake insurance policy that will take care of the structure and your house content. Well, here are some steps, to assist in a claim.
Read fine prints carefully on your policy detailing the inclusions and exclusions. It should define that can be claimed and what cannot.
- Storing and keep a safe collection of documents and bills related to the purchase of valuables. If you are unable to preserve any evidence, click pictures and save them online. Mention the purchase date and value at the time of purchase. When you purchase a home insurance policy, click pictures of your belongings to justify your claim amount.
- Fill online the claim form and enter appropriate details for easy claim evaluation and contact details.
- Follow up with the insurance company once you claim.
An insurer must be aware of things covered under the earthquake insurance policies.
Insurancebash isn’t affiliated with any insurance company. We are simply sharing our opinions and review about the said products. We don’t take any responsibility if you buy these insurance policies.