Losses arising due to fire accounted for about 45% of claims for General Insurance Companies in FY 2008/09.
Losses arising out of fire constitutes about 9% of Loss portfolio for a General Insurance Company.
India's average annual economic loss due to disasters is estimated to be INR 63 thousand crores.
Your home is one of your most precious assets. The risk of loosing your valuable possessions or damage to your home on account of accidental fire or other natural calamities can severely dent your savings. The best way to protect your interests in this regard is to go for a home protection Insurance plan. The home insurance or home and asset protection plans come at very low premiums and is affordable.Before choosing your Property Insurance/home and asset protection plans it is very important to understand the nature of the policies that Insurance companies are offering in the market.
The insurance policies would pay for your reconstruction cost in-case of damage to your property. This cost is determined or calculated based on the area of your house multiplied by the construction cost per square feet.
Home insurance policy cover the contents that are kept in your house. If some damage is caused to your house or the contents, due to earthquake or fire break out or any other natural calamity. Your home insurance policy would provide you with financial assistance.
Your home and asset protection will also provide coverage for your valuables in case of theft or burglary.You need to provide a list of the items you want protection for and they will be covered incase they are stolen from your house.
There are specialized jewellery protection plans that will help you protect one of your most valued possessions. Jewellery Insurance is offered as a special rider in the home insurance policy.
Getting your home and property insured is not expensive, to secure your home.
A new United Nations global assessment report on disaster risk, released last week, says India's average annual economic loss due to disasters is estimated to be INR 63 thousand crores. The global assessment report (GAR) 2015, produced by the UN Office for Disaster Risk Reduction (UNISDR), has urged countries, particularly in Asia, to treat this as a wake-up call and make adequate investment in disaster risk reduction (DRR) or it will hinder development.
Source : Aegon retirement rediness Survey
India, as part of the 14th finance commission grants, have already pledged to invest over INR 58 thousand crores in the next five years towards disaster management.India has huge risk exposure to river flooding each year on average, than any other country. Its current exposure to such risk is in excess of INR 92 thousand crores. This could increase to about INR 9.93 lakh crores by 2030.
Source : Aegon retirement rediness Survey
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