As heavy rains lash Andhra Pradesh due to the landfall initiated by Cyclone Michaung along the Bapatla coast, the spotlight shifts not only to the ongoing relief measures but also to the crucial role insurance plays in such catastrophic events. Insurance experts highlight the significance of comprehensive insurance policies in safeguarding against natural disasters like cyclones, often categorised under the "Act of God."
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Home insurance policies, standardised by the Insurance Regulatory Development and Authority of India (IRDAI), offer protection against various calamities such as fire, lightning, and flooding. These policies come in three types, covering the contents, building, or both, including personal belongings within the house.
Here's a list of all insurance companies offering home insurance in India along with coverage and benefits:
| Insurance Policy | Coverage |
|---|---|
| Bajaj Allianz Home Insurance | - Fire and allied perils - Loss of documents - Home burglary - In-transit loss or damage to household goods - Personal accident cover - Loss of rent - Coverage for pedigree pets - Alternate accommodation expenses - Loss of baggage - Third-party and employee liabilities |
| Bharti Axa Home Insurance | - Fire and allied perils - Loss of documents - Home burglary - In-transit loss or damage to household goods - Personal accident cover - Loss of rent - Coverage for pedigree pets - Alternate accommodation expenses - Loss of baggage - Third-party and employee liabilities |
| Cholamandalam Home Insurance | - Fire and allied perils - All-risk cover for jewellery - Burglary and housebreaking - Breakdown of home appliances and home utility - Loss/damage to personal baggage - Damages to fixed plate glass - Personal accident cover - Temporary/total permanent relocation - Coverage for pet animals - Garden cover - Education benefit - Employee benefit |
| Future Generali Home Insurance | - Fire and allied perils - Protection of jewellery/valuables - Burglary/housebreaking/theft - Breakdown of a portable computer - Protection of household electrical/mechanical equipment - Protection of electronic equipment - Tenants legal liability - Personal accident cover - Domestic workmen compensation - Enhanced protection covers - Public liability - Veterinary costs - Home loan EMI |
| National Insurance Home Policy | - Fire and allied perils - Jewelry/valuables - Burglary - Plate glass - TV sets - Breakage of domestic appliances - Pedal cycles - Personal accident cover - Baggage loss |
(Source: Policybazaar)
Comprehensive car insurance, on the other hand, shields against damages inflicted by natural disasters, encompassing floods, cyclones, and hailstorms. The coverage amount is contingent on the car's age and the insurance-declared value, typically lasting for five to ten years with various add-ons.
Key add-ons for enhanced protection
In vulnerable areas prone to waterlogging or floods, individuals are advised to consider specific add-ons like 'engine protection' under comprehensive motor insurance plans. This safeguard shields the vehicle's engine from water ingress, a common cause of damage during floods. However, driving the vehicle during a flood might render the claim inadmissible due to contributory negligence.
Other critical add-ons include 'invoice-protection cover,' which bridges the gap between the insured declared value and the car's invoice value, and 'consumables' cover for essential car components not typically included in policies.
Claim settlement process
In the aftermath of a natural disaster, policyholders are urged to promptly reach out to insurers to initiate claim settlement procedures. Technological advancements now allow policyholders to expedite claims by sending pictures through messaging apps like WhatsApp.
Special helpline numbers are also established to fast-track claim settlements. Having policy documents readily available becomes crucial during such emergencies, facilitating a smoother claim settlement process.
Here are the steps to raise a claim for flood-damaged cars:
Step 1: Intimate the insurer by calling them at their toll-free or landline number. The number may be accessible on the website/app of the insurer. It may also be available in the email containing the policy PDF sent to the customer. Additionally, one can mail the insurance partner to notify a claim.
Step 2: Share the details accurately, such as where the car was parked and other information. Users will be given a claim registration number.
Step 3: The car insurance company will schedule a pick-up time, tow the car to the garage and assign a surveyor.
Step 4: Collect substantial photo and video evidence that can be shared with the surveyor during vehicle inspection. After examining the extent of the damage, the claim amount would be conveyed to the owner.
Step 5: Once the repairs are done, and the payment settled (depending on reimbursement or payment made directly by the insurer to the garage partner), the customer’s car is ready to be back on the road again.
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