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Build the wall of insurance
They say a house is made not of walls and beams but with love and dreams. However, in the current age of heightened consumerism, neither of these can define the worth of a house comprehensively. Good design, latest furniture and furnishings, state-of-the-art electronic appliances, exquisite art works and lovely artefacts increase the value of a house.
In a few instances, the worth of walls and beams fades out when juxtaposed with what they hold, say an M.F. Husain. It is in this context that a Householder’s Insurance Policy assumes significance.
Advantages
“To protect a house along with its contents against all perils, a composite policy would be ideal. Apart from fire, burglary, and theft which are common to all, the policy provides cover against specific risks associated with select items,” says Ganpath Kulkarni, Development Officer of the New India Assurance Company Limited.
To elaborate on this, for example, jewellery and other accessories need coverage even when they are worn outside the house.
Electrical and electronic appliances have a specific risk of breakdown due to short circuit or power fluctuations.
A composite policy of New India, apart from covering a building and its contents from fire and allied perils, burglary, and house breaking including larceny or theft, will provide insurance to at least one select item against specific risks.
“A composite policy is always advisable because it carries some amount of discount in terms of premium. Individual policies for each precious thing will carry high rates of premium,” says Mr. Kulkarni.
Though such a policy covers whole house along with its contents, each item being insured should be listed out along with the value it is being insured for. This is to avoid complications in case of partial loss of property.
SWATHI V.
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