Though Monsoon occupies a particular spot in everyone’s heart, there is no denying the reality that monsoons can get troublesome at instances. From waterlogging to heavy rainfall to landslides, folks can encounter a host of complications for the duration of the monsoon season.
Indraneel Chatterjee, Co-Founder, RenewBuy, says, “Health, home and motor insurance are the most important – the three insurance categories hold a substantial value during the monsoon season.”
Experts say there are instances when folks have a tendency to overlook that some of the complications they face are covered below their insurance coverage policy.
To get started with, cars can be subjected to water harm, and occasionally even a total loss. Northern India faces a lot of landslides the current landslide in Himachal Pradesh due to incessant rain is proof of how monsoon can result in unforeseen harm to life and house. Health insurance coverage as well is equally critical as monsoons can lead to seasonal overall health dangers, vector-borne illnesses, viral infections, occasionally top to hospitalization.
Here are some suggestions for overall health, motor and home insurance coverage, particular to monsoon
Health Insurance: Considering, we are at the onset of the third wave of Covid, Chatterjee says, “it is always advisable to have comprehensive health insurance for family security. Vector-borne diseases, which are the most common during monsoons, are usually covered in all comprehensive health insurance plans. One can also buy standalone plans for vector-borne diseases which are available at prices lower than comprehensive health insurance plans and specifically cater to vector-borne illnesses.
Note that, disease-specific plans protect a person from vector-borne diseases like dengue, malaria (infection cover), and some non-communicable diseases. It provides policyholders with diagnostic investigation coverage, outpatient doctor visit or post-hospitalization follow-up coverage, and ambulance coverage. Some plans also provide additional benefits, in case of serious deterioration in health that necessitates ICU admission. There are also benefits such as ‘No Claim Bonus’ and ‘Global coverage’. It also excludes the lengthy waiting period required by traditional insurance to pay for the specified health conditions under a comprehensive health insurance plan.
Chatterjee adds, “Recently, disease-specific plans have been developed to provide the most customized health insurance services for the monsoon season, which has tailored benefits related to the vector-borne disease. It also gives affordability to customers in terms of buying the insurance policy.”
Motor Insurance: A complete motor insurance coverage policy assists one defend their cars for the duration of any type of all-natural calamity, the probabilities of which are highest for the duration of monsoons.
Chatterjee says, “Even though motor insurance is mandatory and vehicle owners are expected to have a ‘Third-party liability’ motor cover, the major issue with this cover is that it does not offer protection against damages caused by natural calamities. Whether a person is moving on the road, or the vehicle is at a parking area, the vehicle is always at risk.”
He additional adds, “A comprehensive policy is always suggested which can protect one’s vehicles, not only when the vehicle is at the parking area, but also from natural disasters like fire, falling objects, theft, civil disturbances, and vandalism.”
In complete motor insurance coverage cover, the quantity insurers spend, depends on the age of the car or truck, and the car’s insurance coverage declared worth. All providers except a couple of cover add on till 5 years, some insurance coverage providers also cover till 10 years.
Home Insurance: Home insurance coverage covers all the contents of a residence as properly as properties. Despite the finest safety measures, specialists say only an insurance coverage policy can enable a particular person from the threat of thefts and damages due to fire and other monsoon based all-natural disasters.
Chatterjee adds, “There are lots of factors that should be considered while determining the sum insured for home. It depends on the plan one chooses whether he or she is opting for only the house or if he/she wants to ensure the contents of the house as well. If one considers the value of belongings like special high-value painting or artefact, that can also be considered with the property insurance.”
Additionally, see that the insurance coverage protects the residence from all-natural calamities, loss, or harm due to fire, riots and so forth. Nowadays, losses due to terrorist attacks can be also covered on a pretty nominal premium.
While one can opt for to purchase motor, overall health, and home insurance coverage policies from the very same insurer, specialists constantly advise to opt for the rights plans and supply based on his or her specifications, solution features and insurance coverage covers.
Chatterjee adds, “It is fine to choose different insurance covers from different insurers, but important to go for insurance products which give the best of benefits to the insured.”