Risk Insurance – Home and Contents

Insurance other than ‘Life Insurance' falls under the category of General Insurance. General Insurance comprises of insurance of property against fire, burglary etc.

Non-life insurance companies have products that cover property against Fire and allied perils, flood storm and inundation, earthquake and so on. There are products that cover property against burglary, theft etc.

In respect of insurance of property, it is important that the cover is taken for the actual value of the property to avoid being imposed a penalty should there be a claim. Where a property is undervalued for the purposes ofinsurance, the insured will have to bear aratable proportion of the loss. For instance if the value of a property is Rs.100 and it is insured for Rs.50/-, in the event of a loss to the extent of say Rs.50/-, the maximum claim amount payable would be Rs.25/-( 50% of the loss being borne by the insured for underinsuring the property by 50% ). This concept is quite often not understood by mostinsured's.

We have partnered with a number of companies that can correctly assess your needs to customize a solution to ensure peace of mind and that your most important assets are covered. Please call gstreet finance on 1300 766 612 for further information