Buy cover for structural damage to house by paying extra premium

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Published: October 16, 2017 3:28:16 AM

Cover for damages caused to the structure and contents of the house due to an earthquake is extended after paying an additional premium over and above the standard cover.

Currently there is no specific insurance cover available for jewellery and valuables kept in bank lockers. However, you can insure your gold ornaments kept in bank locker under jewellery insurance which you can avail along with a Home Insurance policy. (PTI)

• Can I take earthquake insurance cover for my flat which is on a 20-floor tower. Do I have to renew the cover or will it be a single premium insurance valid for life?
– Ujjval Kant

Cover for damages caused to the structure and contents of the house due to an earthquake is extended after paying an additional premium over and above the standard cover. Home insurance can be renewed annually or can be bought for a long term. Check with your insurance company for the duration of the long term tenure.

• I run my office from a residential flat. An insurance company has refused to give me office insurance because it is being run from a flat. What should I do?
—Ajay Rathee

If you run your office from a residential flat, it should have clearance and approval from concerned municipal authority for its use as commercial purpose. Office package insurance policy will cover your office for risks like damage to business property inclu-ding structure, contents, and revenue loss due to work interruption arising from an insured loss. You can also opt for a home insurance policy but you need to disclose clearly to your insurer about the use of portion of your home as office and contents of that space in addition to other contents of your home and nature of your business. Practices of doctors, lawyers and chartered accountants are not considered as commercial activity. Besides, activities such as teaching, painting, holding yoga or dance classes, tuition or cookery classes, are also allowed in a residential area.

• Can I get insurance for gold ornaments in bank locker. Most of the jewellery are inherited and I do not have any bills
—Aneesh Kamath

Currently there is no specific insurance cover available for jewellery and valuables kept in bank lockers. However, you can insure your gold ornaments kept in bank locker under jewellery insurance which you can avail along with a Home Insurance policy. You may also keep valuables at home in a safe vault and get them insured. Some householder’s insurance cover provides coverage against accidental loss or damage to valuables not only when these are kept at home, but also when travelling anywhere in the world. Jewellery and other valuables are assessed at the market value of the item. On applying for jewellery insurance, you are required to present a list of items that will be covered along with their valuation. Valuation certificates of the jewellery can be attained from a reputed jeweller as it is required for items of high-value.

The writer is MD & CEO, Universal Sompo General Insurance. Send your queries to fepersonalfinance@expressindia.com

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