I am going abroad for 14 months on an assignment. During that tenure, I am giving my house on rent to a couple. So, if I renew my householder’s policy for the next two years, will it still be applicable when it is occupied by my paying guests?
The householder’s policy offers protection to both the structure and the contents of your house. If you are leasing a fully furnished house to your paying guests, you can continue your policy for both the house and its contents, as both belong to you. However, if the house has no contents, then it is advisable to continue the structure cover, with the tenant taking a cover for the contents.
I am 28 and have started a business with capital, part of which was provided by my husband. The business is into garments and imitation jewellery, which would often be show-cased at outdoor exhibitions. Can the business be covered against losses due to theft or other mishaps?
Under an additional section of the Standard Fire and Special Perils Policy, your stock during outdoor exhibitions can be covered for losses due to burglary and theft. The policy also provides protection against fire and allied perils such as storm, cyclone, flood, riot and strike, with an extension option to cover earthquakes and terrorism.
My son is going to the United States in April for higher studies. We are planning to take a travel insurance for him. He is going for two years. Can we buy him a health cover from India or will he have to buy one there?
Yes, you can definitely buy a student health insurance plan from India, provided the university accepts the plan. The main aspect to be considered is that the policy you are buying from India be compatible with the minimum requirements of the health insurance plan of the university. The other things to be kept in mind are assistance and claims servicing capabilities of the insurance company in the country the student is going to, as well as additional benefits, such as cover limits for accident and sickness, maternity benefits and study interruption. It is advisable to opt for a policy while the student is in India, as he or she can take advantage of the lower costs offered by Indian insurers.
It is important to note that most US universities normally include the insurance premium with the overall annual fees for students. Hence, you may not require a second insurance policy if the university already offers you one. However, if the university allows you to opt out of their insurance plan, it is advisable that you buy one from India which fulfils the prescribed requirements of the university and leads to a cost-saving.
The writer is the MD and CEO of Tata AIG General Insurance. Views expressed are his own. Send your queries at yourmoney@bsmail.in
