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Of late floods have become quite common in the Indian subcontinent and causes immense damage to life and property every year. During floods and even afterwards, victims may need medical attention/critical care that may be funded by the government. A flood insurance policy is not very popular in India though the country is quite prone to this natural calamity.
Most policies provide protection against damage to the property caused by the flowing of flood water into the house. There are a number of policies available that you can select to find the one that is most suitable.
In the Indian context, the insurer stands at an advantageous position since he will receive compensation for the property that has been damaged by rain/flood etc. Under a flood insurance policy, you can also get a cover for personal belongings. Anyone in such a scenario will not be required to pay for the replacement of all his belongings. Victims of flood would be required to pay a minimal amount on account of the deductibles. The details of deductibles would have been decided right at the time that the policy was obtained.
Your property can be protected under a number of flooding events like:
Home Insurance can be procured in the case for different types of natural calamities or flooding events. Unprecedented rainfall remains the most important one though overflowing of water bodies, melting snow and clogging of storm drains too can be grounds on which insurance can be obtained. Flood insurance policies are quite inexpensive in India. It is therefore is a major advantage and one should buy to provide protection against such unprecedented natural calamities.