Protect your assets with an insurance policy: Expert View

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For the past two years, we are facing floods during the monsoon that can damage assets such as homes, manufacturing establishments, factories, shops, and offices. An extensive insurance cover can help in such a situation. Although rains provide relief from extremely hot, it also poses a risk of damaging the property in the event of a flood or any natural disaster. The current cyclone Amphan which had attacked West Bengal causing extensive damages is one such example. Natural disasters disrupt homes, vehicles, and commercial homes that lead to huge economic losses. The economic losses due to Chennai floods have been estimated around Rs 15000 crore, while in Kerala, floods have estimated Rs 21000 crores economic loss.

Taking from the earlier monsoon disasters we need to prepare ourselves for the aggressive monsoon in 2020. We cannot completely avoid the disaster caused due to natural calamities like floods, hurricanes, etc. but we can safeguard the assets from such disasters. We can protect our assets like houses, manufacturing establishments, factories, etc. With already accumulated economic losses due to the pandemic corona, it would be better to protect our assets so that we can resist any further financial burden and losses. 

Whether it is your home, shop, factory, or any other establishment it takes years of hard work to generate a capital asset. Badly it takes a few moments to destroy it. Until the combined efforts of the government and the Insurance sector have supported Indians to protect against the risk of flood and other natural disasters. It is difficult to solve sentimental issues arising out of the loss of the property but a comprehensive insurance cover can assure protection from the economic stress. You can select the standard for standard fire policy that covers both for fire and flood. You can extend it to earthquake damage by paying an additional premium. For broader coverage, you can add coverage against burglary, mechanical breakdown, and for personal accident. General insurance not only ourselves but also protect the things that we value most. At this time situation is uncertain we should not forget to prepare for the worst seasonal troubles and secure ourselves from the financial and the economic losses.

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