Secure Your Assets with Insurance

Published By: Finacial Express ​

Published Date: 22-06-2020

Monsoon floods can devastate homes, businesses and factories, causing enormous financial losses. Recent natural disasters highlight this risk—cyclone Amphan in West Bengal left widespread destruction in its wake, while cyclone Fani in Orissa required $14 billion to rebuild 500,000 damaged homes. The Chennai floods resulted in staggering losses of ₹15,000 crore and Kerala floods caused even more damage at ₹21,000 crore in economic harm.

With monsoon 2020 approaching and lessons learned from previous catastrophes, we must prepare by safeguarding our capital assets. While we cannot prevent natural disasters like floods, hurricanes and cyclones, we can protect our properties—often our primary income sources—from further financial burden during an already challenging pandemic period.

It takes years of hard work and dedication to build homes, shops, factories and offices, yet floods can destroy them in just a day or two. Insurance offers vital protection against this economic stress, even if it cannot address the emotional impact of such devastating losses.

Consider investing in a standard fire policy that covers not only accidental fire but also damage from floods, cyclones and inundation. For additional premiums, you can extend coverage to include earthquake damage. Alternatively, comprehensive package policies offer broader protection, including coverage for burglary, mechanical breakdown and personal accidents.

As we navigate the ongoing pandemic with hope and positivity, we must simultaneously prepare for seasonal challenges by protecting ourselves from the financial and economic risks of potential disasters. Comprehensive insurance coverage provides the assurance needed during uncertain times.​