People today utilize life insurance, health insurance etc. which is surely a betterment comparing to last decade. But there are some valuable insurances which is less known to public still essential and helpful for them to cover their unexpected losses and commitments. Few of them are explained below,
If a property is insured, in the event of damage or theft, the owner can claim the amount from the insurer. Property insurance varies depends on the covers they provide. Personal property insurance doesn’t cover the building, but your belongings like furniture and other household assets. If the insured asset is damaged or theft, you can claim the cost to replace it.
Credit insurance is a kind of Life insurance policy where the insurer will pay the debt of the borrower in case he is dead, faced disability or unforeseen job loss. This is essential for people who have more debt and prone to any of the above calamities.
Mostly, this policy covers job loss due to bankruptcy, merger and acquisition of companies etc. Some insurance companies also provide covers for layoffs. This insurance helps you to manage your financial liabilities and expenses in case of job loss. While reading the policy related documents, extra care is required to get clarity on the covers and conditions of the policy. You might have heard in some countries, state insurance is available to cover such job loss of their citizens.
Crop insurance or Agri Insurance is essential for farmers to cover their loss in case of natural disasters like drought or flood. In India, this is provided by a government scheme ‘Pradhan Mantri Fasal Bima Yojana’ launched in 2016. Some insurers also cover the loss of farmers due to the decline in price of agricultural products.
Gadget insurance most commonly known to public as Mobile insurance covers you repair or lost of gadgets. It became popular in recent times when the insurance is taken up during the time of purchase itself. This is most useful in today’s life since the gadgets have a vital role in our daily activities.