Despite the heavy flooding in Kotturpuram, Srinivas R, a resident of the area seems less distressed, thanks to the home insurance he opted for in 2010.
"When I took a loan for my apartment, I also bought a home insurance cover. The rains have damaged the outer walls and we hope for monetary compensation," he said.With premiums for home insurance policies as low as Rs 300 a month, this is an attractive proposition.
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A home insurance policy is affordable with premium for a comprehensive package (structure plus contents) currently ranging from Rs 40 to Rs 66 per lakh.
So, if your home is valued at Rs 50 lakh and belongings for Rs 5 lakh, your annual premium would be just Rs 2,200 to 3,630. "From a cultural standpoint, home is dear to Indians, with many of them going through a painstaking process to buy it. Events like floods can wipe out structures or damage belongings. Hav ing an insurance cover can provide some relief against the financial loss," president of Tata AIG, M Ravichandran said. While lenders insist that the owner take a home insur ance cover at the time of loan sanction, such policies only cover the apartment or build ing structure.
In case of floods, valuables are also washed away . Hence taking a specific policy that provides protection for house possessions is prudent.
Even tenants can opt for such covers to secure their be longings. "There are some policies which provide rent for alternative accommodation for up to three months," Sanjay Datta, chief underwriting, claims, ICICI Lombard, said.
And while home insurance is highly underpenetrated in India (only one per cent of all premiums for the general insurance industry is towards home insurance), insurers feel rising awareness and creation of a customerfriendly environment will do the trick.
"Just like Jhan Dhan enabled financial inclusion to a large extent, the need of the hour is compulsory legislation for home insurance," Ravichandran said.
While some of these callers were left broken by the deaths of their loved ones, others were struggling to come to terms with the fact that the calamity hit them even though they acquired all kinds of social securities.
As life in Chennai limps back to normalcy, counsellors and psychiatrists have started receiving numerous calls from people facing an emotional breakdown in the wake of the calamity.
While some of these callers were left broken by the deaths of their loved ones, others were struggling to come to terms with the fact that the calamity hit them even though they acquired all kinds of social securities, said the counsellors.
One of the counsellors said that she received a call from a woman whose father-in-law died during the calamity and they had to keep his body in their apartment for two days before the rescue teams reached their house near Ekkattuthangal.
“She said that they locked the body in a room as it had started decaying. The woman’s husband was away and it was a traumatic experience for her and her children. She cried over the phone for long,” said the counsellor.
The counsellor spoke of another family living near Porur. One of the family members died while the water level was still quite high. The family members put the decaying body on a table and waded through water to reach the crematorium. Most counsellors said many people had been left broken by the long queues at the crematorium.
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Once the bodies started being recovered, there was not enough space to cremate or bury all of them. That left people very upset.
Dr Lakshmi Vijayakumar of Sneha, India’s premier suicide prevention centre, said the number of distress calls have increased as normalcy is returning. “The first few days, they would be busy meeting their basic needs. Once a shelter and other essential needs are met, they would slip into psychological problems. Many are calling us to cry alone. Those from relatively affluent backgrounds are finding it difficult to accept that they landed up in community shelters and marriage halls despite their social standing,” she said.
She added that there were few people who were depressed owing to loss of property or valuables. “It doesn’t work that way. What’s going on in their minds is that the disaster hit them despite all the standard social security they acquired,” she said.
"When I took a loan for my apartment, I also bought a home insurance cover. The rains have damaged the outer walls and we hope for monetary compensation," he said.With premiums for home insurance policies as low as Rs 300 a month, this is an attractive proposition.
http://prosafe.marionegri.it/forum/viewprofile.aspx?UserID=611
A home insurance policy is affordable with premium for a comprehensive package (structure plus contents) currently ranging from Rs 40 to Rs 66 per lakh.
So, if your home is valued at Rs 50 lakh and belongings for Rs 5 lakh, your annual premium would be just Rs 2,200 to 3,630. "From a cultural standpoint, home is dear to Indians, with many of them going through a painstaking process to buy it. Events like floods can wipe out structures or damage belongings. Hav ing an insurance cover can provide some relief against the financial loss," president of Tata AIG, M Ravichandran said. While lenders insist that the owner take a home insur ance cover at the time of loan sanction, such policies only cover the apartment or build ing structure.
In case of floods, valuables are also washed away . Hence taking a specific policy that provides protection for house possessions is prudent.
Even tenants can opt for such covers to secure their be longings. "There are some policies which provide rent for alternative accommodation for up to three months," Sanjay Datta, chief underwriting, claims, ICICI Lombard, said.
And while home insurance is highly underpenetrated in India (only one per cent of all premiums for the general insurance industry is towards home insurance), insurers feel rising awareness and creation of a customerfriendly environment will do the trick.
"Just like Jhan Dhan enabled financial inclusion to a large extent, the need of the hour is compulsory legislation for home insurance," Ravichandran said.
While some of these callers were left broken by the deaths of their loved ones, others were struggling to come to terms with the fact that the calamity hit them even though they acquired all kinds of social securities.
As life in Chennai limps back to normalcy, counsellors and psychiatrists have started receiving numerous calls from people facing an emotional breakdown in the wake of the calamity.
While some of these callers were left broken by the deaths of their loved ones, others were struggling to come to terms with the fact that the calamity hit them even though they acquired all kinds of social securities, said the counsellors.
One of the counsellors said that she received a call from a woman whose father-in-law died during the calamity and they had to keep his body in their apartment for two days before the rescue teams reached their house near Ekkattuthangal.
“She said that they locked the body in a room as it had started decaying. The woman’s husband was away and it was a traumatic experience for her and her children. She cried over the phone for long,” said the counsellor.
The counsellor spoke of another family living near Porur. One of the family members died while the water level was still quite high. The family members put the decaying body on a table and waded through water to reach the crematorium. Most counsellors said many people had been left broken by the long queues at the crematorium.
http://figshare.com/authors/Buy_Backlinks/822364
Once the bodies started being recovered, there was not enough space to cremate or bury all of them. That left people very upset.
Dr Lakshmi Vijayakumar of Sneha, India’s premier suicide prevention centre, said the number of distress calls have increased as normalcy is returning. “The first few days, they would be busy meeting their basic needs. Once a shelter and other essential needs are met, they would slip into psychological problems. Many are calling us to cry alone. Those from relatively affluent backgrounds are finding it difficult to accept that they landed up in community shelters and marriage halls despite their social standing,” she said.
She added that there were few people who were depressed owing to loss of property or valuables. “It doesn’t work that way. What’s going on in their minds is that the disaster hit them despite all the standard social security they acquired,” she said.
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