Apart from protecting your home from unpredictable events, these insurance policies cover house owner’s personal property, be it jewellery, laptops, audio and video equipment, furniture, etc. says M.Srinivas

It turned out to be a nightmare for an insurance company employee M.R.J.K. Prasad when dacoits struck his house in Dilsukhnagar and made away with valuables. After lodging a complaint, he hoped that the police would nab dacoits and recover the booty but adding to his distress, the police failed to trace them leaving a hapless Prasad in the lurch.

However, a few days later, he did manage to get the amount for major portion of the stolen valuables, thanks to his foresight in having provided an insurance cover to different valuables at his home. Though the police failed in recovery, the insurance company came to his rescue and paid him the insured amount. “The policy helped me a lot as police could not recover the stolen valuables till now,” Prasad says.

Like him, many benefited from householders’ insurance cover after articles in their homes were either stolen or damaged in fire accident.

Apart from protecting house from unpredictable events that unfold, these insurance policies cover house owner’s personal property, be it jewellery, computers, laptops, audio and video equipment, and furniture, among others. The owners can also claim insurance if the walls of the house come crumbling down and if wires went kaput. They could avail the facility if designer glass table crumbles under the weight of guest’s hand and comes down crashing.

New India Assurance Company Limited (NIACL) Senior Branch Manager J. Kumara Swamy explains that the householders’ insurance policy helps people to a large extent in case of a theft, fire accident or any damage to their furniture and glass panes.

Police records say a whopping Rs.35.47 crore worth property was stolen by thieves in 4,673 thefts that include robberies and house burglaries, that took place in the city last year. Property worth over Rs.11.11 crore was also damaged in 1,271 fire accidents that occurred last year. Given the situation, owners should avail the policy to overcome the losses, says Mr. Swamy.

He says that more awareness on benefits of the policies was required as only few evinced interest to avail them. NIACL, United Insurance Company Limited, National Insurance Company Limited and Oriental Insurance guarantee insurance covers for houses and valuables and there could be small variations in their rules and guidelines.

Apart from these public sector units, private companies have also come up with various schemes.

Medsave Healthcare Business Development Consultant R. Prasada Rao says all companies were controlled by the Insurance Regulatory Development Authority.

On how to make a claim, Mr. Rao says that owners have to give information to the insurance company concerned in case of a burglary in their house and at the same time, they have to lodge a complaint with the police. If fire breaks out, they have to list out the articles damaged in the mishap and inform the company.

A surveyor would then inspect the house and submit a report to the insurance company after which claims will be sanctioned according to the rules, he adds.