Post Mortem

Insuring our homes

By Nagaland Post | Publish Date: 5/21/2019 12:19:43 PM IST

 A householder’s insurance policy will keep you prepared for any untoward eventuality.

How many times have you seen a framed wall art in someone’s living room that says “Home is where the Heart is”? Imagine that very home being blown away in a few seconds! Recently, with the damage that Cyclone Fani caused, thousands of people lost their homes in a matter of minutes. When the videos of devastation reached the media, the nation was shocked and grieved for the affected people. Thanks to early warning technology, thousands of people were shifted to safer places and the death toll was much lesser. With global warming being a clear factor, scientists have predicted more mega cyclones in the near future. We know that we can’t predict the future. But, we can and should stay prepared. One of the easiest ways to staying prepared is insuring our homes. But sadly, when it comes to insurance, people normally know about life, health and motor insurance. But we tend to forget that we can also insure our houses against natural calamities like earthquakes, cyclones and floods. The best thing is, you don’t have to take separate policies for each calamity. But in a householder’s policy, these can be included. Like any other insurance policy, a householder’s policy can also be tricky. Therefore, let us learn things you should look before choosing a householder’s policy. 

Check if you need to insure the structure of your home. Normally, a householder’s policy covers the furniture and fixtures of your home. Only if you feel that your structure may be in danger, should you go for structure insurance. For a flat owner, structure insurance is irrelevant. If the structure needs insurance, then the housing society should insure it and not individual owners.

When you go for householder’s policy, go for detailed listing of each of the goods in your home. A normal standard policy, which is predominantly sold, will only cover a standard set of objects. This, during claim, will not give you full cover for all the products in your home.

Another option one should go for is replacement cost, rather than depreciating cost. Imagine your freezer getting damaged in a storm. Wouldn’t you like a replacement cost to a depreciated cost? This might come costly, but pays well during claim statement.

Just because you have a householder’s policy doesn’t mean that you will neglect and take no precaution during flood or storm. If it is found that things were damaged because of your negligence, claims will be affected and might get rejected. It is also advisable to keep important documents, including your policy papers, in safe places. A secure place will keep important and valuable assets safely even during natural calamities. Bank lockers are the best bet, as they are kept in places to withstand fire or flood to a much higher degree than a home locker.

If your damage is due to fire, you need to lodge an FIR in the local police station. A fire claim is settled only after getting a report from the fire department. For natural calamities, companies don’t make much fuss while paying the claim. But proper procedure should be followed at the earliest for a hassle-free experience.

A home is where we nourish our memories with our friends and family. And a prepared home for any eventuality will come handy, both financially and emotionally.

Dipankar Jakharia

 

Launched on December 3,1990. Nagaland Post is the first and highest circulated newspaper of Nagaland state. Nagaland Post is also the first newspaper in Nagaland to be published in multi-colour.

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