Insuring Your High Rise Dreams

India witnesses a long list of natural disasters, home insurance can minimise the heavy losses

- Nirmala Konjengbam

With the job concentration in major metros like Mumbai, Delhi, Kolkata, and others, a massive population explosion can be seen in these cities. And, to sort the space crunch, the demand for vertical housing has increased by leaps and bounds. However, these high rises have their own sets of troubles, fire safety being a major one.

Deepak Sankar, Senior Vice President and National Head Speciality Lines and AIGC, Tata AIG General Insurance, said, “Housing societies and high rise buildings are generally exposed to various types of perils and operation of these perils can have devastating effect on its financials. Laws applicable to such societies generally mandates them to adequately insure their building structure and other common utilities against fire and allied perils like lightning, storm, flood, inundation and earthquake.”