Many bulk sized and small insurance policies are worth adding to one’s portfolio for divers utility.
Today we are living in the time of health, economic and financial crisis. Due to the Kovid-19 epidemic, many alarm bells have been ringing simultaneously. The sheer intensity and widespread impact of the virus has drawn our attention to several important things – one of them being an insurance policy to cover potential losses . Generally, if you have a good term insurance, health insurance, motor insurance and personal accident cover, your insurance (I Nsurance ) portfolio is considered good. However, these are traditional options. Today, there are a variety of insurance products available in the market that can help you meet some major and some minor needs. Many bulk sized and small insurance policies are worth adding to one’s portfolio for divers utility.
Let us list down some of these special, often called ‘exotic’ insurance products for you that can help you run life smoothly.
Renter’s Insurance (Renter’s Insurance)
Most often seen in a temporary arrangement room, unless you buy your own home, renter’s insurance is a feature that not many people are aware of. Considered an extra expense, renter’s insurance is not considered necessary considering that the landlord will insure his/her property anyway.
But suppose, in case of unforeseen situation like fire, theft or any other serious accident in your rented apartment, the landlord can cover his loss, but your personal valuables, furniture, electrical or
What about mechanical appliances, clothes, etc.?
Home insurance policy provides you coverage for both the structure of your house as well as the goods and assets at an affordable premium. This includes items such as household appliances, electronic items, laptops, televisions, even valuables such as jewelry, paintings, artefacts, etc. You can also opt for global coverage at a minimal premium under a home insurance policy that provides 24/7 protection to your assets whether kept at home or in a locker or wherever they can be held by anyone anywhere in the world are using.
“Home insurance can also be done by the tenants to ensure their belongings. There are many add-on covers available under home insurance policies like rent loss, temporary resettlement cover, public liability cover, dog insurance cover, ATM withdrawal cover, lost wallet cover, key and lock replacement cover etc.” TA Ramalingam, Chief Technical Officer, Bajaj Allianz General Insurance
Depending on the home insurance policy that you have purchased, there is usually a limit to the amount that you can claim for each claim. For expensive artworks, it would be wise to go for comprehensive coverage.
Disability Insurance
Disability insurance replaces a portion of your lost income due to illness, injury or any other disability. In case of an accident that causes disability, the payment received by the insured will cover both the actual expenses and the income loss.
In a way, this insurance can help one to meet his financial obligations and avoid financial crisis. This facility includes Paid Sick Leaves, Short Term Disability Benefit (Short Term Disability Benefit) and Long Term Disability Benefit.
Personal liability cover
A personal liability insurance protects you from potential litigation in case of an accident where you are probably driving and cause damage to public property, other vehicles etc. However, claims filed for intentional damages, criminal prosecution and contractual liabilities are not covered under any liability insurance policy.
Personal accident cover
Personal accident cover is a benefit policy that covers death, total, partial or temporary disability due to accident.
“Many personal accident policies cover death, permanent total disability, permanent partial disability, adventure sports benefit, children education benefit, fracture care, EMI payment and loan protector cover as well as coma due to accidental bodily injury.” Ramalingam
Trade credit insurance
This insurance protects traders, manufacturers and service providers from losses due to non-payment of commercial trade dues. If a creditor is unable to pay his debt, the insurance company will come forward to clear the outstanding dues.
