Property worth crores of rupees was destroyed. Worse, further tremors are being predicted. So how do you ensure that your house or property, usually a lifetime's investment, doesn't disappear the next time the seismograph hits a high note on the Richter scale?

Can a house be insured against earthquake? Or against lightning? Or against a bomb blast?The Standard Fire and Special Perils Policy is the answer to your question.

It is a comprehensive policy that provides insurance to all sectors, be it industry, residence, shop or restaurant. The policy contains 11 sections under which you can claim insurance: fire, lightning, explosion/implosion, destruction or damage caused by aircraft or any other aerial or space devices, riots/strikes and malicious damage, storm/cyclone/hurricane/flood, impact damages, landslide or rockslide, damages caused by the bursting or overflowing of a water tank or pipe, leaks from automatic sprinkler installations and bush fire. It does not include in its purview damage caused by forest fires.

Surprisingly, earthquakes are not included in the policy, but there is a separate provision, called an add-on cover, for those who wish to be insured against earthquakes.

Industry officials explained that India is divided into four zones, from I to IV, in decreasing order of earthquake occurrence. Zone I lists areas that are most prone to quakes: the Kutch region of Gujarat, Jammu & Kashmir, Assam, the Andaman and Nicobar islands, Himachal Pradesh, Manipur, Meghalaya, Nagaland and Tripura. Delhi, if you're curious, falls in Zone IV.

Premium charges vary from zone to zone - from Re 1 per Rs 1,000 for Zone 1 to 50 paise, 25 paise and 10 paise, respectively, for Zones II, III and IV. Policy-holders also need to know the difference between explosion and implosion: Explosions are caused by external pressure or an external factor causing the damage. On the other hand, if there is an explosion due to pressure developed from the inside - if a geyser bursts, for instance - it would be termed an implosion.

All the schemes under the Standard Fire and Special Perils Policy are yearly ones that need to be renewed annually. However, there are certain schemes, such as the long-term policy, under which there is a discount. The three-year policy, for example, offers a 15 per cent discount. Then there is the 10-year policy, where the entire premium has to be paid in advance in one go. But one can cancel the policy before its expiry date and get the remaining amount refunded.

There are also floater policies, which are useful for those whose stocks keep fluctuating in godowns. A provisional/advance premium charged. It is also better for the insured to inform the insurer and keep it updated on the fluctuations. Then there is a separate policy called the Loss of Profit (LOP) policy. This is basically to cover outstanding expenses such as telephone bills, wages, loans and data losses. LOP is an industry-specific policy. The premium amount depends on the type of unit, its location, and what it produces or the use to which it is put. An industrial unit will attract a bigger premium than a residence because industrial goods are more at risk.

Policy-holders often make the mistake of not intimating the agency about a loss/damage as soon as a mishap occurs. A full written statement should be submitted, explaining in full the nature and extent of the loss, within 14 days.