Real Estate

Asset Homes offers insurance coverage

V Sajeev Kumar Kochi | Updated on October 24, 2014 Published on October 24, 2014

The Kerala-based Asset Homes has introduced a new concept of bundled insurance coverage in all its newly constructed dwellings.

This new initiative was taken to counter eventualities arising out of all natural and man-made calamities, says Sunil Kumar, Managing Director, Asset Homes.

The financial loss caused by recent cyclone Hudhud and Kashimir floods to building structures has prompted the company to go in for an insurance coverage, he added.

He pointed out that incidents of natural calamities and man-made disasters like terrorism, and bomb explosions are on the rise, damaging buildings fully or partially. "This has necessitated us to think in favour of providing an insurance coverage benefiting apartment owners,'' he added.

Insured asset scheme

Asset Homes has entered into an agreement with New India Assurance Company to offer the coverage called Insured Asset Scheme.

As per the MoU, all villas and apartments to be purchased henceforth from Asset Homes will be covered against damages caused by fire, earthquake, lightening, explosion, aircraft damage etc for a period of 25 years.

“It is for the first time in the country that a builder is offering such an insurance package for the homes it builds,” he said. The insurance company has agreed to extend a similar package for existing apartments of the company, for which discussions are in progress with resident associations.

Considering all eventualities, the need of the hour is to extend insurance coverage to buildings, which emerged as castles of the sky, C.J.Philip, Deputy General Manager, New India Assurance Company", said.

The new scheme from Asset Homes offering value addition for buyers is an inspiring model, he said and hoped that all builders in the country will replicate this model.

Published on October 24, 2014
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