My home in Allahabad is over 30 years old. I wanted to insure it against fire and earthquake, but the insurance company refused as the building is old. Is there any way of getting it insured? I plan to get it renovated; will I be able to insure it then? Are there any special policies for this?
There is no common yardstick for building insurance. Factors like location, type of construction, type of building (individual/apartment), are considered. For example, a 40-year-old building can be insured on an yearly basis, but in respect of flats/apartments, the limit could be 20 years. Renovation might increase the chance of getting insurance, but does not guarantee it. There are no special policies for such cases.
I am going abroad for two months. But, I may extend my stay, as my visa is valid for six months. In that case, can I extend my travel insurance?
Travel policies are generally offered for a maximum duration of six months. After taking a policy for two months initially, you can extend it by another four months. It is important you approach the insurer before the expiry of the policy. Though not guaranteed, insurers generally extend the policy provided there is no claim. You will also be required to give a good-health declaration.
Can I buy a householder policy when I am staying in a rented house? If yes, what all will be covered under it? Are there any special policies for insuring rented houses because my landlord has insured the building.
You can buy a householder policy. It covers the building as well as its contents. Since you do not own the building, just cover the contents.
I am 23 and have just started earning (Rs 12,000 a month). I lost my father a year back, my mother is working and my sister is still in school. My employer has given me a family floater health policy, but I keep reading that additional health cover is always better. What kind of policy is suited in my case?
If the health policy provided by the employer covers all your family members, you can go for a ‘top-up cover’. The deductible under top-up cover is based on the sum insured by your employer. Normally, top-up policies come up with high deductibles — Rs 3 lakh or more. If the sum insured offered by your employer is less, you can go for any basic health insurance policy, commonly known as ‘mediclaim’. Your sister’s premium will not be eligible for income-tax exemption.
The writer is the MD, Royal Sundaram Alliance Insurance Company. Send your queries to yourmoney.bsmail.in