Insure properties against riots

One will have to pay Rs. 2,000 to 5,000 to cover structural damages worth Rs. 20 Lakh. Some policies also cover rent that is paid on alternate accommodation if the house is damaged

The indefinite curfew which is still continuing in the eight districts of Jammu region, on the back of communal clashes on Friday resulted in the death of two people and destruction of public and private property.

Curfew continues for four days in a row without any relaxation in Kishtwar town, which has damaged several properties leaving many homeless as well. In addition, some shops and vehicles in Jammu have also been damaged.

The political unrest has lead to riots. Such unforeseen incidents arising out of a political unrest are covered by insurers under Fire & Peril policies issued to cover homes or properties.

Sanjay Datta , head (underwriting and claims) at ICICI Lombard  General Insurance, says , “If a political unrest leads to incidents like Riots or Strikes they get covered. However, the policy will not cover loss, damage and destruction caused to the property due to war.”

The policy covers the losses to the structure and contents of your home due to any natural and man-made calamities. One can take an optional cover for terrorism by paying extra insurance premium. Typically, one will have to shell out anything in the range of Rs. 2,000 to 5,000 to get a house covered for structural damages.

Some insurers also give an option where the policy covers the rent paid for on alternate accommodation if the house is damaged and found to be unfit for occupation. Since, this is not an in-built option, one will have to pay extra premium and buy it over and above the policy as an add-on cover.

It makes sense to cover assets like property and vehicles against unforeseen events like natural calamities and political unrest that can lead to such damages.