Prepare for the Monsoon Onslaught

Published By: Deccan Herald ​

Published Date: 22-06-2020

While COVID-19 has dominated our concerns, we mustn't overlook other natural threats—particularly the approaching monsoon season. In recent years, devastating weather events have occurred across India: the Chennai floods (2015), Kerala floods (2018), Cyclone Fani in Orissa (2019) and Cyclone Amphan in West Bengal (2020). These disasters caused massive destruction to homes, vehicles and businesses, resulting in economic losses worth thousands of crores.

The impact is staggering. Orissa needed $14 billion to rebuild after Fani destroyed 500,000 homes. Chennai suffered ₹15,000 crore in losses, while Kerala's floods cost ₹21,000 crore. With the pandemic already straining finances, we must protect ourselves from further economic damage.

Our homes, shops and businesses represent years of hard work and often serve as primary income sources. Unfortunately, a single flood can destroy these assets within days. While we cannot prevent natural disasters, we can safeguard our properties through proper insurance coverage.

A Standard Fire policy offers protection against fire, flood, cyclone and inundation damage. Earthquake coverage can be added for a small additional premium. Those seeking broader protection should consider comprehensive package policies that also cover burglary, mechanical breakdown and personal accidents.

As a result of the pandemic, we have grown to expect the unexpected. As we face the uncertainty of both COVID-19 and monsoon season, taking preventive measures now can provide financial security later. Though insurance cannot erase the emotional toll of losing cherished assets, it offers essential protection against economic hardship during already challenging times.