Delhi-NCR rains: List of insurance schemes to protect against rain-related damage to vehicle, house

The recent heavy rainfall in northern India has once again highlighted the importance of insurance coverage for both personal and business assets. Businesses should have extensive property insurance, while homeowners should make sure their home insurance covers protection against flood damage.

There isn't yet a particular insurance plan that only covers flood-related damages. Floods are instead covered by some insurers' Standard Fire & Special Perils policy. Typically, fire insurance covers flood damage, as well as other risks such as inundation, landslides, rockslides, storms, and cyclones.

Business interruption insurance can be beneficial for businesses facing financial losses due to temporary closures caused by floods. As reported by Business Today, Jagjeet Siddhu, Chief Distribution Officer at Kotak Mahindra General Insurance, explained that various insurance covers, including storm, tempest, flood, inundation, landslide, rockslide, and earthquake, are available. These additional covers, such as debris removal and dewatering expenses, can be added to the policy with specific sub-limits.

It is recommended that individuals and businesses purchase suitable policies based on the value at risk to cover their fixed assets in the area of operation. Adequate protection against flood risks is essential, considering the significant damage it can cause to property. Major insurance claims are often related to damage to stock, machinery, and boundary walls.

For home insurance, individuals can also consider the Bharat Griha Raksha policy, which covers the building and contents of the home, including damage or destruction caused by natural disasters like earthquakes or volcanic eruptions.

Comprehensive motor insurance is crucial to cover flood damage to vehicles. Theft, accidents, and damage brought on by calamities like floods are often covered by these plans. The specific policy and insurance provider may affect the scope of coverage, though. To fully comprehend the coverage offered, it is critical to read the policy's terms and conditions thoroughly.

Add-ons like engine and gearbox protection cover, zero depreciation cover, consumable cover, roadside assistance cover, and return to invoice cover is recommended for those living in flood-prone areas. These additional covers can provide extra protection and ensure a higher claim amount in case of total loss or write-offs due to floods.

The life insurance plays pivotal role in protecting individuals and their families from the financial consequences of accidents during floods. In the event of the insured's passing, life insurance provides the insured's beneficiaries with financial security.

It is essential to check policy provisions, comprehend coverage, and notify the insurance provider of damages as soon as possible to ensure a smooth claims procedure. It's also crucial to photograph damage and get professional guidance when necessary. Flood insurance coverage might vary, so it's important to carefully check policies and ask insurance companies for clarity.

The claims intimation procedure is usually outlined in the policy document, whether electronically or through the post. Policyholders can inform the insurance company through various options provided, and the in-house claims team will process the request within the specified timelines.

By having adequate insurance coverage and taking the necessary steps for claims, individuals and businesses can protect themselves against flood-related risks and recover effectively after such events.

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