IRDAI to bring standardise insurance guidelines for houses and shops

The IRDAI will soon bring standard guidelines for products exclusively targeting at units like ‘dwelling houses’ and small commercial establishments. Presently, small shops and houses do not get standardised insurance cover. These units, however, can be covered under fire and allied perils insurance, which are mostly aimed at bigger units. Within the next couple of months, The IRDAI is expected to come out with norms, as informed by a source. In order to cope with and recover from common risks while adhering to certain levels of cover, premium and benefit standards, the standardisation would entail affordable insurance products.