Kerala-based Asset Homes has introduced bundled insurance coverage for all its newly constructed dwellings.

All natural and manmade calamities are covered under the scheme, said Sunil Kumar, Managing Director, Asset Homes. The financial loss caused by recent cyclone Hudhud and Kashimir floods to building structures has prompted the company to go in for an insurance coverage, he added.

Incidents of natural calamities and manmade disasters such as terrorism and bomb explosions can damage buildings fully or partially.

Asset Homes has entered into an agreement with New India Assurance Company to offer the coverage called Insured Asset Scheme.

As per the MoU, all new villas and apartments of Asset Homes will be covered against damages caused by fire, earthquake, lightening, explosion etc for a period of 25 years.

The insurance company has agreed to extend a similar package to existing apartments of the company, for which discussions are in progress with resident associations.

CJ Philip, Deputy General Manager, New India Assurance Company, hoped that all builders in the country would emulate the initiative.

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