Inflation in the Insurance Policies Also
For the house owners who live in the areas where the floods and earthquakes are very frequent the home insurance is a prime requirement. But now they may have to pay more for their houses to get insured because due frequent floods and the earthquakes the insurance companies have paid millions of dollars as the claim money that is why the number of insurers has announced that they are raising their premiums from the next year as consequence. Now it's obvious that the premiums will rise all over the country.
All the insurance companies of the country has issued a report that due to the payment of such a large amount of coverage they may register them as bankrupt the only way out from this problem is that they raise the premium amounts that will help them in carrying out the smooth functioning of their company and staff.
The number of insurers has criticized the statement of the government officials that these insurance companies have made number of home owners and businessman feel low and cheated by not paying them their claim.
As these companies have has not invested well in keeping the special defense forces for the flood prone areas so the worries of the house owners living in flood prone areas has increased because they cannot buy insurance for their houses as the government will also wont invest in the flood defense forces for their citizens.
In the budget this year the finance minister has made a cut of 250 million dollars for the flood defense forces. But the numbers of insurers are arguing that this amount should be increased to about 500 million dollars which is the double the amount the finance minister has provided.
The insurance companies will pay the full benefits to the people or the house insurance policy holder if they pay the premium according to their new slabs of premium calculation. All these steps are made especially for the people who have insured their house against the damages caused by the floods. This is because the claim and reconstruction of that house is very high and insurers cannot bear that with their small premiums. So we suggest you to pay the premiums even if the amount to be paid is higher than you used to pay. The amount you pay is not more than the benefit of you and your family.
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