Online
Your holiday friend in needTeam@Wealth
Monday, October 29, 2007 
This is not to spoil your party, but your house just might be in jeopardy in your absence. Okay, you have house insurance. You have covered that base. But do you know that compensation in the event of a burglary will not be forthcoming if your house is vacant for more than, say, a month? So despite being insured, you might just not be able to claim insurance. Why? Because insurance companies identify such absences as periods when chances of burglary and several other risks are high. Kartik Jain, Marketing Head, ICICI Lombard General Insurance, says, "This condition has been incorporated because properties continuing to be unoccupied for more than a certain period may become soft targets for burglary and vandalism." Not only burglary, this condition applies for fire and allied perils insurance as well. Jain says, "Unoccupied residences invite tramps and unauthorised occupants who may leave fires unattended. If a fire is triggered, it may be a considerable while before it is detected, as the premises are unoccupied. By the time it is detected, it might be unmanageable." Other insurances such as shop insurance and Office Package Policy fall under this condition as well. This does not mean you are chained to your house for the rest of your life. You can take some steps. i. Kartik Jain suggests, "Inform your insurance company at least one week in advance about your vacation plans. Obtain a confirmation (from them) stating your property is covered during the specified period of absence." ii. To convince your insurance company about the precautions you have taken, state that you have made arrangements such as informing your neighbours to pay a visit to your residence once in 10 days. You could also install burglary and fire alarms and communicate the same to your insurer. iii. TA Ramalingam, Associate VP-Underwriting, Bajaj Allianz General Insurance, says, "If you have a high value house, the insurance company may want to inspect the same before you take your trip. This is why you need to inform the insurance company at least a week in advance before you take your trip." Disclaimer: While we have made efforts to ensure the accuracy of our content (consisting of articles and information), neither this website nor the author shall be held responsible for any losses/ incidents suffered by people accessing, using or is supplied with the content. also read
conversations on wealth
Ratings for this story (0 votes)
Rate this story
 
Would you like to comment on this story?
|
advertisment recently read in Plan
 ULIP: High charges, low returns!
Elda Christy | August 21, 2008 We profile a retail investor who feels he made the wrong investment choice. Here's why.
wealth picks
Home loans: paying more than you have to?
Team Wealth | October 26, 2007 Here's a quick check into one bank service which involves hidden costs.
most popular
most e-mailed
most rated
|
|||||||
kentmss at 05-Sep-08 20:52
Site Map | About Us | Feedback | Contact Us | Advertise | Bookmark | Disclaimer | Privacy Statement | Terms of Use | Careers
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.