January 3: National Insurance Company (NIC) is all set to insure the quake-damaged houses which were rebuilt with the support of government grant assistance. The company in collaboration with the government has prepared the ‘Insurance to Private Houses Rebuilt with Government Grant Procedure 2075’ to insure the houses. It is stated that the insurance policy will cover all possible risks.

The company is about to introduce an insurance scheme of Rs 500,000. The premium charge for the policy is Rs 450 (excluding VAT) per year. The government will pay 50 percent of the insurance premium and the remaining 50 percent will be deducted from the government grant. The households that have already received all three tranches of the government grant will have to pay the insurance premium to the insurance company.

The insurance policy period will be of five years for which the households should pay between Rs 1,200 to Rs 1,300 insurance premium. During this period, if the houses get damaged due to any reasons the company will bear the compensation for the damages. According to the procedure, the houses built with the support of government grant should compulsorily be involved in the insurance policy programme.    

The households that have not started the construction works after receiving the government grant will not be eligible for this policy. To be a part of this policy, the households should have to start the construction work. According to the company, the houses under construction will also have engineering insurance. The company will compensate if any house in the process of construction suffers from any kind of damage.