Home Insurance: “Standard home insurance policies protect against flood damage. They cover water damage to furniture, fittings, and electrical systems. For instance, if water enters a house and damages furniture or electrical wiring, the insurance policy will cover the costs of repairs and replacements,” says Hari Radhakrishnan, an expert member of Insurance Brokers Association of India (IBAI). It’s crucial to review the policy details to understand the extent of coverage, exclusions, and claim procedures. Consider policies that offer add-ons like emergency repair services, coverage for personal accidents, and burglary. Evaluating these aspects ensures you choose a plan that adequately safeguards your home and possessions against the specific risks posed by monsoon seasons.According to experts, the Bharat Griha Raksha Plan and certain householder package policies are available in the market for individuals to secure their properties and valuables. “One of the popular policies gaining traction amongst individuals is the Bharat Griha Raksha Policy, launched under the guidance of the Insurance Regulatory and Development Authority of India (Irdai). This policy offers three different types of coverage: home building cover for the building structure; home contents cover for the furniture, fixtures, and other articles; and optional cover for the valuables. Most of these covers don’t offer anything specific regarding monsoons but include damages resulting from floods, tsunamis, cyclones, lightning, and unforeseen inundations, common during July–August,” says Darvesh Panchal, vice president, Prudent Insurance Brokers. “Certain built-in features in the policy cover policyholders against floods, water inundations, tsunamis, and cyclones that typically occur during the monsoon. It is critical that insurance buyers invest in such policies in their entirety and shouldn’t opt out of certain features. This helps them leverage the right value during unforeseen circumstances. One can opt for rent for alternate accommodation and loss of rent (in case one gives the property on rent) as additional protection in case of major damages, displacing a person for a longer period,” adds Panchal.
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