Why it is crucial to take a ‘fire and allied perils’ cover

Nov 13 2012, 04:25 IST
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SummaryYour home is undoubtedly the most prized possession as you, usually, spend nearly a third of your savings in getting that ‘ideal’ home.

the property alone, but life as well. It is advisable to buy a policy which provides coverage against accidental loss of life as well.

Such policies provide cash in case of unexpected incidents and offer hospitalisation benefits on a daily basis to the insured person. In addition to that, the plan provides active lifestyle benefits. Regular accident cover policies only cover death or partial/total disability, but such a policy covers injuries as well and pays a lump sum amount, irrespective of the cost of treatment.

The moment of truth in insurance is comes when a claim is registered. In the event of a fire loss covered under the fire insurance policy, it is recommended that the insured should notify the insurance company immediately. It is important to submit a claim in writing, giving the details of damage, other insurances on the same property and their estimated values within 15 days of the occurrence of such loss the insured.

A claim for loss by fire must satisfy certain conditions as mentioned in the policy document. Make sure your most important asset — your home — is adequately protected this Diwali, so that you can enjoy the festival of lights in all its gaiety and with a complete peace of mind.

The author is senior vice-president, Consumer Lines, Tata AIG General Insurance

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