Types of general insurance (Part 1)

General insurance is basically an insurance policy that protects you against losses and damages other than those covered by life insurance. For more comprehensive coverage, it is vital for you to know about the risks covered to ensure that you and your family are protected from unforeseen losses. 

The coverage period for most general insurance policies and plans is usually one year, whereby premiums are normally paid on a one-time basis.

1) Motor Insurance

You need motor insurance when you buy a motor vehicle. Motor insurance covers your vehicle, be it a motorcycle, a car or a lorry, in case of accidents or theft.

2) Home Insurance

Home Insurance  is one of the most important insurance policies you can buy in your adult life. Your home is one of the largest financial investment you have made, and that's why it is so important to protect it.  There are three main types of policies which you can buy to protect your home:

a) Basic Fire Policy

This policy provides you with coverage against loss or damage to insured property such as  house, shop or factory that are caused by fire, lightning or explosion.

b) House Owners Policy

This policy provides additional coverage compared to the basic fire policy. It may include loss or damage due to flood or burst pipes.

c) House Holders Policy

This is a policy which covers your household contents and includes coverage for fatal injury to you as the insured. This policy does not cover damage to the house itself.

3) Personal Accident Insurance

Personal Accident insurance is an annual policy which provides compensation in the event of injuries, disability or death caused solely by violent, accidental, external and visible events. It is different from life insurance and medical & health insurance. 

You can either take a personal accident policy for yourself or a group policy for your family, protecting you and them anywhere in the world, anytime of the day. This insurance provides 24-hour worldwide insurance protection.

The scope of cover and scale of benefits differ between insurance companies and you should therefore ensure that you purchase a policy which meets your requirements. The types of coverage normally provided normally include accident death, permanent disablement, temporary total or partial disablement, medical expenses, corrective surgery, hospitalisation benefits and funeral expenses.