Rainwater has caused extensive damage to property across the country as monsoons have picked up momentum in recent days causing floods in many places. This should be a good enough reminder for you to purchase property insurance to guard against future damage caused by rains. Standard property insurance covers damage to property and content due to rains and floods.
“Property insurance covers fire and allied perils. These allied perils include storm, typhoon , typhoon, flood and inundation (STFI). Any damage that is caused by the occurrence of any of these insured perils will be covered under the policy,” Nikhil Apte, chief product officer, Royal Sundaram General Insurance Co told FeMoney.
Mahavir Chopra, Director, Strategic Initiatives, Coverfox.com, says that people who have homes in areas which can get affected by floods and rains should purchase insurance. “In case your house is prone to damage due to floods, it would be important that you adequately cover the contents as well as the structure of your house,” Chopra said.
In case you already have an insurance cover, what will you be able to get claims for? Yashish Dahiya, co-founder and CEO, Policybazaar.com says that insurers would be careful that the damage caused to property is due to rains and not due to other causes. “Claim can be made in case of damage to insured building structure, content or both due to STFI. Since, damage can be claimed only when it is due to heavy rainfalls. If the damage to the structure or content has happened due to ageing of the structure or wear and tear of the content, the damage will not be covered,” says Dahiya.
Royal Sundaram’s Apte said to get a smooth STFI claims experience one should be ready with some relevant documents. These include:
- Claim form
- Meteorological report
- Newspaper cuttings if any
- Estimate of repairs/replacement
- Invoices, bills, receipts of final payment to repairer
- The insured would also required to submit any other relevant document required by the surveyor.