Today it is crucial to know about the different types of general insurance because of the numerous benefits they offer. Read on to know more about them:
As the home is a valuable possession, it is important to secure your home with a proper home insurance policy. Home and household insurance safeguard your house and the items in it. A home insurance policy essentially covers man-made and natural circumstances that may result in damage or loss.
Motor insurance provides coverage for your vehicle against damage, accidents, vandalism, theft, etc. It comes in two forms, third-party and comprehensive.
When your vehicle is responsible for an accident, third-party insurance takes care of the harm caused to a third-party. However, you must take into account one fact that it does not cover any of your vehicle’s damages. It is also important to note that third-party motor insurance is mandatory as per the Motor Vehicles Act, 1988.
A comprehensive insurance policy safeguards your vehicle against fire, earthquake, theft, impact damage, etc. Additionally, it provides coverage against any third-party liability in the case of third-party property damage, bodily injury, or death.
When you are travel internationally and suffer losses because of loss of baggage, trip cancellation, or delay in flight, a travel insurance policy safeguards you. You may also be offered cashless hospitalization if you are hospitalized while travelling.
Fire insurance policies are different types of insurance coverages that compensate any losses incurred due to a fire breakout with a sum assured. These types of insurance policy usually provide a significant amount of coverage to help both individuals and companies to reopen their places after incurring extensive damage due to fire. These insurance types cover war risk, turmoil, riots losses as well.
Different types of fire insurance in India are –
A mutual fund is an investment vehicle made up of a pool of funds collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments and similar assets.
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