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A cover for your property

m. srinivas
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Insurance policies cover house owner’s personal property, be it jewellery, laptops, audio and video equipment and furniture

A nightmare it was for an insurance company employee M.R.J.K. Prasad when dacoits stormed his house in Dilsukhnagar near Hyderabad and sped with valuables. After lodging a complaint, he hoped the police would nab the dacoits and recover the booty but adding to his distress, the police drew a blank.

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

Like him, many have benefited from householders’ insurance cover after articles in their homes were either stolen or damaged in fire accident. These insurance policies cover house owner’s personal property, be it jewellery, computers, laptops, audio and video equipment, and furniture, etc. The owners can also claim insurance if the walls of the house come down and if wires go kaput. They could avail the facility if designer glass table crumbles under the weight of guest’s hand and comes down crashing.

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.

How to make a claim? Owners have to give information to the insurance company concerned in case of a burglary in their house and at the same time, lodge a complaint with the police.

A surveyor would then inspect the house and submit a report after which claims will be sanctioned according to the rules. 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, have to lodge a complaint with the police. If fire breaks out, they have to list out the articles damaged to the company.

m. srinivas

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