Property big or small, earned or inherited, liability or asset needs security from any kind of unfortunate incident. While owning a property can be difficult, insuring itis just a few formalities away. Getting a General Insurance assures you peace of mind against financial loss or any other untowardincidents relating to your property.

Broadly classified as General Insurance or Non-life insurance, the policies include

  • HouseHolder Insurance
 
  • Auto Insurance
 
  • Business Insurance

House Holder Insurance

A House Holders Insurance or Home Insurance provides security against any losses to the house or its possessions.

With a variety of Home Insurance plans available in the market, you can choose the right type, as per the value of your property and the possible risks you can foresee.

Based on the type of losses covered, most home insurance plans can be categorized under the following types

   
Coverage under fire and other hazards A policy that provides coverage for damages to your home due to fire, natural calamities or by any unfortunate incident like electrical fires, riots, vandalism, etc.
Coverage due to Earthquake or Seismic activity Offers insurance cover for damages to your home caused due to calamities: earthquake, tsunami, etc.
Terrorism Covers Provides insurance coveragefor damages to your home due to acts of terrorism.
Coverage for Assets insidea Home A policy that covers damages or loss ofassetslike works of art, electronics, appliances, jewelry, furniture and fixtures etc. inside the home.

Issuance of aHouse Holders Insurance policy is almost like any other insurance policy.Aninsurance company evaluates the value of your property (including its belongings), as per market value, accordinglyapolicy is offered, with a corresponding premium.

Before purchasing a policy, it is essential to study all the exclusions and exceptions applicable under it.

Auto Insurance

While owning a vehicle is a luxury and adds to your convenience, it is also a liability. An Auto insurance is an agreement, between a policyholder and an insurance company, in which, the insurance company agrees to pay for the losses suffered to or by a vehicle in case of an accident. The insurance holder in turn has to pay a premium as stated in the policy.

The Motor Vehicles Act, 1988 has made it mandatory for every car owner to have an auto insurance in India.

The following are the varied automobile insurance policies available in the market

   
Fully Comprehensive Auto Insurance This insurance embraces all the factors of different car insurance policies, providing an all round insurance, to the insurer or the third party, against any kind of damage or unpleasant event like theft, fire or accident.
Specialized Car Insurance This is a special type of coverage for vintage car ( over 25 years old ), offering them a comprehensive insurance, but ther is a limit to the number of kilometers one can drive in a year in that car.

Almost all the major vehicle manufacturers have affiliations with insurance companies, whichmake the procedure of acquiring car insuranceeasier. The insurance premium in each case depends upon thevalue of the car, the model > make, year of manufacture and previous claims record of the vehicle.

The inclusions and exclusionsoffered by the insurance company should be checked thoroughly before purchasing a policy.

Business Insurance

Being into any kind of business, no matter what its size, one cannot avoid the risk it involves. A loss might come in any form, under any circumstances; therefore, the smartest move is to invest in some type of insurance to reduce your risk.

Business Insurance is a policy that offers coverage to protect businesses from financial losses, due to any incident that may occur during the normal course of the business.

An insurance company evaluates the business of the company, seeking insurance and offers coverage based on various aspects. The premium amount depends on the

  • Nature of business/ Type of industry
  • Annual turnover
 
  • Scale of operations
  • Regions of operations
 
  • Staff strength

Business or Commercial Insurance Planscan be classified into

  • General Liability Insurance
  • Commercial Property Insurance
 
  • Product Liability Insurance
  • Home-based Business insurance
 
  • Professional Liability Insurance

Contrary to popular notions, a House Holders Insurance does not generally cover losses under Home Based businesses. Depending on the vulnerability of risks in home-based businesses, riders can be added to one's House HoldersInsurance policy, to cover the normal business risks.

On suffering any loss, the insured establishment needs to submit certain documentsafter which the insurance company reviews and calculates the amount of the losses incurred and the claim is paid within one to three weeks.

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