property insurance
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Showing posts with label property insurance. Show all posts
Showing posts with label property insurance. Show all posts

What does not cover in home insurance

Everyone does insurance of cars and bikes, but when it comes to home insurance, most people do not consider it necessary.  While home is our biggest economic investment.  By ensuring home insurance, we ensure the safety of our home and belongings.  You get protection from financial loss in case of natural disaster or theft.  Learn what are the benefits of home insurance…
What does not cover in home insurance
What does not cover in home insurance

What is covered in home insurance

 Insurance companies offer home insurance policies for the home and interiors.  The policy covers building structures and home furnishings.  The insurance company bears the repair costs if the building structure is damaged.  Similarly, the policy also covers compensation for fire, explosion, lightning, theft, flood, storm, cyclone, terrorism, riots, strike, landslide, leakage, earthquake and other natural calamities.  However, many things depend on the policy taker what he wants to cover in insurance.  Insurance companies do not insure property for more than 50 years.  If you are living in a rented house, then you must get the goods insured.

 This is how premium is fixed

The insurance company decides the amount of insurance cover and premium based on the property's construction quality and built-up area (per square foot).  Property size, type of construction, geographical location, goods inside the property, etc. are also important in deciding the premium of home insurance.  The insurance company charges higher premiums from policy holders in areas affected by floods or earthquakes.

 Home insurance companies

Companies like ICICI-Lombard, Bajaj Allianz, General Insurance Company, IFFCO-Tokyo, National Insurance Company, New India Insurance, Oriental Insurance offer home insurance policies.

 Follow these methods for a low premium

A policy should always be taken for a long time to pay a lower premium.  This gives a discount in premium and there is no problem of renewing it.  There is a discount of up to 50% in premium for taking insurance for several years.  For low premium payment, you can get information about the policy online.

 What does not cover in home insurance

Home insurance is not covered under war insurance, intentional sabotage, land shifting around property, loss of property document, loss of antiquities, etc.  Even in cases like civil war, nuclear weapons, loss of domestic help, the insurance company does not compensate.

 Take care of them in the choice of the company

Before taking home insurance from the insurance company, be sure to check the status of the claim settlement.  This will give you information about the company's policy and will not face any problem in taking the claim.  Never decide to take a policy based on low premium.  This will deprive you of many benefits.

9 important reasons to insure your small business

Insurance of small business is not mandatory in India, but it is definitely required.  If you have not insured your business yet, you are putting your business in danger.  Fear of danger is high for small businesses, where 40% of the people do not get a chance to start their business again if once closed.
9 important reasons to insure your small business
On the other hand, insuring your business enables you to face unforeseen problems such as financial losses.  Sometimes you will not be able to bear such loss alone.  Whether you work from home or from office, as a small business owner it is very important if you have good business insurance.

 9 important reasons to insure your small business

 1) Natural disasters can end your small business at any time.

Your place of business can be destroyed due to natural disasters like fire, flood, earthquake, tsunami.

 If you have insured your business, then it helps you to compensate the loss due to all these natural disasters.

 2) You may face heavy losses due to theft or robbery.

 Due to theft from your cash counter or locker, you can suffer deep damage.  This can cause your business to close almost or even completely.

 Under the insurance of a good business, your cash, physical assets such as computers, furniture, etc. are completely safe.

 3) Due to negligence in business, you may have to face troubles.

If you fail to provide proper service to your customer, then you may face hatred on the part of the customers, who may also refuse to pay you.

 Under some business insurance, you can protect the loss arising out of such negligence.

 Business insurance takes care of losses caused by failure and negligence in providing service.

 4) Your business may be prosecuted due to the failure of your worker or his death.

It can be very dangerous if one of your workers gets stabbed or dies at the time of work.  It is not just about letting the worker get compensation if the family members of the worker can file a lawsuit against you.  Due to these reasons, it is mandatory to insure business in many countries, especially abroad.

 Insurance companies protect workers' expenses and expenses due to illness.  It also takes care of all the legal expenses that have to be incurred by the workers' family from filing a lawsuit.

 Your workers also consider themselves as mehfus due to insurance.

 5) Due to the riots, your place of business may be spoiled.

Businesses located in the city are more likely to get ambushed in the rioting environment in the state.  If your business is not insured, then the burden of loss falls completely on you.

 Due to good business insurance, you can get your loss well repaired or changed.

 6) Due to interference in business you may face a lot of financial loss.

Many times due to natural calamities or due to riots, your workers do not come to the office, it interferes with business and your income is lost.

 In such situations business insurance helps you to make up for the loss.

 7) Due to some disputes you may have to go to court.

In business, it is quite common to have disputes with your customers, tip-tacks with vendors.  Sometimes the dispute can be so big that you may have to seek the help of the court.

 Due to insurance, the expenses incurred in the court can be taken care of, otherwise all the expenses have to be borne by the owner alone.

 8) There may be an accident with the vehicle used for commercial purposes.

In India, it is mandatory to have insurance for all vehicles used for commercial purposes.

 Due to insurance under the vehicle policy, the vehicle or driver gets protection from unforeseen losses such as accident, fire and all these things.

 9) Debtors, customers, or banks you can trust.

Due to the insurance of the business, the customers, debtors, all believe that their money is safe.  Insurance increases people's trust in the company.  Later, the company grows due to all these reasons.

 Insurance not only helps your company in critical situation but also makes your company more reliable.

 Overall, as the owner for all the losses, expenses of legal proceedings, and everything else due to lack of insurance, you alone have to compensate them.  Depends on how much financial loss you may suffer and that it can prove to be very expensive for you.  The conclusion of all this is that you should have a good insurance policy that protects you from all kinds of losses
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