Taking Cover. Protect from perils

Home insurance package policies are designed to take care of all possible perils your homes can be exposed to. These package policies offer cover in respect of damage to residential buildings not only due to fire and allied perils, but also floods, storms, earthquakes, etc. Even the contents in the building are fully protected from loss.

Apart from the above, the package policies cover a host of other substantial losses. They include loss of jewellery whilst travelling anywhere in India or being worn on one’s person and the breakdown risk in respect of domestic appliances.

Other important inclusions are personal accident cover for the entire family, a cover for loss of rent, additional rent for alternate accommodation incurred following damage to a residential building, additional expenses incurred to obtain duplicates in the event of loss of documents, damage to household items while being transported and legal liability for domestic servants and third parties.

In case you don’t want to go for a comprehensive package cover, you can opt for a standard fire & special perils policy. There is a choice to delete certain in-built covers from a policy just to save a small amount on premium, but you could end up falling prey to extensive loss in a calamity.

Be proactive

There are certain pro-active steps to mitigate a calamity. For one, it helps to know the HFL (high flood level) height for your area. If your home/office is on the lowest floor, you can use water-resistant building materials when constructing in areas below the HFL. Prevent sewer lines from backing up by installing backflow valves or standpipes. Raise your washer, dryer and other equipment on concrete blocks such that they are above the HFL height. If you are unable to raise a particular item, anchor it and protect it with a floodwall or shield. Install and maintain a sump pump system if you have below-grade floors.

Keep disaster plans

It also helps to become familiar with your community’s disaster preparedness plans and create a family plan. Identify escape routes from your home/office and neighbourhood and designate an emergency meeting place for your family/employees to reunite if you become separated. Identify a point of contact to communicate with concerned relatives.

Put together an emergency kit that includes a three-day supply of drinking water and food you don’t have to refrigerate or cook. Also keep handy first aid supplies, a flashlight, work gloves, emergency cooking equipment, portable lanterns, fresh batteries for each piece of equipment, clothing, blankets, baby items, prescription medication, extra car and house keys, extra eyeglasses and important documents, including insurance policies.

The writer is Senior Vice-President and Head, Operations and Claims, Bharti AXA General Insurance

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