I already have a home insurance policy. It’s a plan that covers most of the items including electrical appliances, too. In this case, I wanted to know if I buy any new electronic item (in the middle of the policy), will my insurer cover it? Or, am I expected to wait until my policy is up for renewal the next time?
You do not have to wait till the policy renewal date. Any item bought during the middle of your home insurance policy period can be covered in the existing tenure of your policy. To get the new electronic item covered, you will have to inform your insurance company through the customer care number or an email, requesting for the item to be added to the existing list of insured products. You will have to provide details of the item such as product description, the quantity and value. On the basis of the declaration, the insurance company will calculate the additional premium that you would need to pay for the new electronic item to be covered.
My car was insured twice with two different insurers. I feel there is no point in keeping both the policies active, but I am confused as to which one I should cancel. On what basis should I compare these, as the premium I pay for both is more or less the same for a similar cover?
I suggest you discontinue one of the policies, preferably the one which commenced at a later date, all other things being equal. This is because the premium refund will be higher on a pro-rata basis. Having multiple insurance policies for the same risk does not help as you will be eligible to claim under only one motor insurance policy. Also, going by the principle of insuring financial loss, you cannot recover more from the insurance companies than the actual loss incurred.
I recently bought a small property near Marol in Mumbai’s Andheri East. I am planning to give it on rent by the end of this year. Will the person who rents out my property have to buy property/fire policy, or I will have to buy? Also, which policy should I ideally buy for this space, a property or a fire/burglary policy?
A home insurance policy covering the structure of a property can be bought only by you, the owner. This is because only the owner has an insurable interest. The tenant can buy a cover for the contents inside the house which belong to him. Since you are not planning to stay in the property, you can opt for a policy that covers the structure against fire and allied perils. Your tenant can opt for insuring his household contents through a policy that covers burglary, along with fire and allied perils.
Views expressed are the expert’s own. Send your queries to yourmoney@bsmail.in
Today, Bhargav Dasgupta, MD & CEO, ICICI Lombard General Insurance, answers your questions