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Protect Your Home Against the Real Threat That Melting Glaciers Provide

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Published on April 27, 2021. EST READ TIME: 3 minutes

Changes in the weather are normal occurrences which constitute our daily lives and may be marked by rain, snow, winds and so on. Changes in climate on the other hand, are the long-term regional average of temperature, humidity and rainfall patterns over seasons, years or decades. In addition to these changes, the effects of global warming are now becoming more apparent. While these changes might not initially seem like they impact individuals directly, they do have far reaching consequences. Moreover, as time goes by the effects of global warming are compounding and can result in us needing to make serious changes in our lifestyles. In order to safeguard against calamities arising from climate change and global warming, individuals must consider investing in property insurance which provides them with financial coverage against the same.

What is Global Warming?

Global warming refers to the long-term heating of the Earth’s climate brought on by human activities. Fossil fuel burning is the primary cause for this heating which has been observed since the mid-19^th century. As a result of these emissions, the amount of heat-trapping greenhouse gas levels has increased within the Earth’s atmosphere.

Approximately 10 percent of the Earth is covered by ice which acts as a protective layer for the Earth and its oceans. Their importance lies in the fact that they reflect heat back into space allowing for the planet to maintain a cool temperature.  Since the early 20^th century, a vast chunk of the glaciers on Earth have been melting at a rapid pace. Humans are to blame for this as they have been responsible for emitting a greater amount of carbon dioxide and greenhouse gas emissions since the onset of the industrial revolution.

How Does It Affect Property Owners?

Global warming has therefore resulted in glaciers melting at a rapid pace which has led to sea levels rising. Coastal erosion and storm surges are now more likely as warming air and ocean temperatures increase the potential and intensity of coastal storms like hurricanes and typhoons. Sea ice and glaciers melting interspersed with ocean temperatures warming indicate that ocean currents will now continue to disrupt weather patterns worldwide. Communities are likely to face enormous disaster recovery bills as the frequency of flooding increases at a rapid pace and the intensity of storms becomes more dangerous.

Delhi Residents Beware

In the case of India and Delhi in particular where public infrastructure and drainage aren’t the best and buildings are crowded together, flooding is even more likely and can cause several issues for property owners. Weather and climate anomalies can also add to the possibility of disasters occurring. Property owners should therefore consider investing in property insurance to safeguard against expenses incurred in the event of such natural disasters.

Property Insurance as a Safeguard

Property insurance is a viable expense which encapsulates a number of policies which provide insured property owners with either property protection coverage or liability coverage. With the aid of such an insurance policy, the owner or renter of any given structure can avail of financial reimbursement in the event that said structure and the contents within it are damaged, or any theft occurs. Additionally, such policies provide fiscal relief to any individual other than the insured owner or renter in case they are injured or harmed on the insured property. Individuals can choose to avail any number of the forms of property insurance available today based on what is most appropriate for the. Policies include but aren’t limited to homeowner’s insurance, renter’s insurance, flood insurance and earthquake insurance.

Those availing of property insurance can avail of coverage in any of the forms mentioned below –

• Replacement Cost – This refers to the costs associated with repairing or replacing property at the same or equal value.
• Actual Cash Value – Insured property owners / renters are entitled to the replacement cost minus depreciation.
• Extended Replacement Costs – This entitles property owners / renters to a payment in addition to their coverage limit in the event that the cost of construction has risen, however it isn’t ordinarily more than 25 percent of the coverage limit.

Conclusion

Residents either owning or renting property must consider availing of property insurance in order to financially protect themselves in the event of damages and losses incurred due to any number of reasons including natural disasters like floods.

Disclaimer- The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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