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How can homes and businesses cover their losses during floods?

How can homes and businesses cover their losses during floods?

Heavy rainfall that began on November 6 left massive areas of Chennai, Tamil Nadu submerged and uprooted thousands of people. More than 1,700 people had to be sent to relief camps amid these record high rains.

This tremendous outpour brought forth harrowing memories of the 2015 Chennai floods that killed over 500 people and displaced 1.8 million.

Officials called this the heaviest 24-hour rainfall the city has received ever since the 2015 catastrophe, attributing the cause to the formation of a low pressure area over the Bay of Bengal.

Amid a disaster of this scale, people had to abandon their homes and businesses for safer regions outside of the flooded zones. A vast majority of residential and commercial buildings were been destroyed due to floods, inundation, and waterlogging.

Is there a way that businesses can recover their losses?

Damage to business property due to floods can be completely covered under a Fire and Allied Perils Insurance policy.It provides coverage against a wide range of risks like fire, lightning, strikes, riots, earthquakes, etc. and more relevantly here, storms, floods, and inundation.

Apart from this, individuals can also secure their homes similarly under a Comprehensive Home Insurance policy.

Authorities are taking several measures to maintain adequate supply of food and generator sets to affected regions. Relief and rescue operations are still underway.

Fire and Allied Perils Insurance can also help homeowners and businesses manage their losses in the event of arson or vandalism

Further Reading

Learn more: How can businesses protect their property against the dangers of flood?