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While owning a house can be difficult, protecting it from any kind ofuntoward incident need not be so. Not only a house but any other non-life asset also, that holds a financial value needs to be covered against losses. A general insurance (non-life insurance) company allows you to opt for an insurance to cover these assets.

Such an insurance cover extends a lump sum amount to you in case of damage, destruction to the asset insured. This allows you to carryout repairs, replacement, etc to the property damaged.

What is Non-life?

All insurance excluding life insurance falls under general insurance.

For e.g.

  • General Insurance comprises of insurance of property against fire, burglary, theft etc.
  • The non-life insurance companies also offer policies covering machinery against breakdown. A granite factory owner would like to buy a policy to cover his granite cutting machines.
  • Further, insurance of motor vehicles against damages and theft forms a major chunk of non-life insurance spends.

Following are some of the products that fall in non-life category

  • Household Insurance
  • Auto Insurance
  • Business Insurance
  • Health Insurance
  • Travel Insurance Etc

Why you need non-life insurance?

When one has earned and accumulated property, protecting it is prudent.One of the main reasons one should insure assets is to protect themselves against the financial losses likely to occur due to their destruction/ inability to perform. Anyone who owns a valuable asset can buy insurance to protect it against losses due to fire, theft, and so on.

By Law

The law also requires us to be insured against some liabilities. This is to ensure that we can afford to pay compensation in case a liability arises. Once you have insurance, the responsibility of paying the compensation is transferred to an insurance company.

That is, in case we should cause a loss to another person, that person is entitled to compensation (for e.g. the third party auto insurance, which is a compulsory part of the motor insurance we buy).

Following are the four primary categories of Non-life insurance

Medical Insurance

Medical Insurance protects you from costly medical bills in case of any emergency. It covers you and your family against expensive healthcare costs.

Auto Insurance

Auto Insurance is a protection of your automobile against physical damages from fire,theft,explosion,accidents, etc. This is also compulsary, especially because while drive, there is always a possibility of damaging third-parties, and hence you need the insurance to settle the liabilities arising.

Property Insurance

Having Property Insurance will protect your dream home, office, factory, shop, valuables, domestic or electronic items, etc from fire, burglary, theft and any other untoward incident.

Travel Insurance

It becomes all the more important to consider your safety and wellbeing when you are traveling. Travel insurance protects one from travel related medical emergencies, delays or loss in baggage, loss of passport in foreign countries, etc.

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