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Over the next week, super heavy showers are set to hit the Indian subcontinent, especially in the states of Tamil Nadu, Kerala, South Interior Karnataka, Konkan and Goa, Madhya Pradesh, Maharashtra, Arunachal Pradesh, and Gujarat, the IMD (<keyword id="19963725" type="General" weightage="20" keywordseo="Indian-Meteorological-Department" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Meteorological Department" meta.hostid="261" meta.entityid="Indian Meteorological Department">Indian Meteorological Department</keyword>) has predicted. Yesterday, India's financial capital, Mumbai was hit by a surprise, albeit hefty deluge of rain. Consequently, a yellow alert was issued for Thane, Pune, Palghar and other areas near to Mumbai. Between October 13-16, very heavy rainfalls are also expected in Kerala, Tamil Nadu, Andaman and Nicobar Islands, Gujarat and Andhra Pradesh. It's no secret that incessant rains also bring about significant economic damages. As seen very often in the past, a constant barrage of torrential rains can also quickly create a flood-like situation, which can wipe away houses, vehicles and everything that comes in its way. Per media reports, the average economic impact on India due to <keyword id="19912527" type="General" weightage="20" keywordseo="floods" source="keywords">floods</keyword> between 2011 and 2021 has been a staggering Rs 25,805 crore. Imagine this-your entire se is flooded. Water has seeped into everything—your walls, furniture, and even the plumbing. Without a <keyword id="22058670" type="General" weightage="100" keywordseo="home-insurance" source="keywords">home insurance</keyword>, you'll have to spend a hefty amount towards repairs and to get your life and home back on track. <h2>Getting your home insured</h2>So, if you are wondering how to protect your hard earned material but immovable assets like house, the answer is right in front of you- Home Insurance. Says Dilip Baba, Head of Commercial and Speciality Underwriting, Go Digit General Insurance, "People usually spend their entire life savings on purchasing a home. However, people rarely think about how to protect their investment. By investing in the safety of home insurance, you can enjoy peace of mind knowing that your property is covered in case of unforeseen events. With home insurance, you can opt for three types of coverage-structure, content and comprehensive. While structure simply insures the physical, immovable formation of your house (walls, roofs), content coverage goes a step ahead and takes care of damage caused to your movable items like furniture, electronics and other items due to natural calamities, theft and more, up to a certain limit. This can also include any valuable artwork or antiques, or additional installation like solar panels you might have at your home. A comprehensive home insurance brings together both structure and contents in its insurance ambit. Having a home insurance can not just protect you from natural calamities like floods, but also from unforeseen events like theft, fire and more. The annual premium of a home insurance policy can range between Rs 2,000 to Rs 10,000 depending on the type and extent of coverage taken. Before buying a policy, be sure to clarify whether it offers actual cash value, which considers depreciation, or replacement/reinstatement cost, which covers the full replacement without depreciation deductions. To be on the safe side, you can also choose additional covers like accidental death insurance, or rent coverage, if you lose out on rental income due to damage caused to your property. You can use the carpet area of your house to get a sense of your home insurance requirements. Other covers you can opt for include valuable contents (on agreed value basis under home contents cover), additional living expense cover, tenant liability insurance, among others. Says Amit Bhandari, Chief Technical Officer at Magma HDI General Insurance, "When selecting a policy, it’s crucial to assess the unique risks that your home may face, particularly if you live in an area susceptible to <keyword id="19922196" type="General" weightage="20" keywordseo="natural-disasters" source="keywords">natural disasters</keyword>. You should tailor your coverage to address these risks while considering premium reduction strategies, such as excluding unnecessary coverages".

Heavy rains to lash across the country between Oct 12-16, here's how you can insure your home from rain's fury

<ul class="summary-list"><li>High costs are a critical concern for voters in the presidential election.</li><li>Detailed below is what <keyword id="19919589" type="General" weightage="20" keywordseo="harris" source="keywords">Harris</keyword> and <keyword id="19906203" type="General" weightage="20" keywordseo="trump" source="keywords">Trump</keyword> have proposed to lower costs for Americans.</li></ul>While the pace of inflation has slowed, Americans continue to struggle with high prices at gas stations, grocery stores, and more. Those high prices have become a key issue for voters as the presidential election approaches. Both Donald Trump and <keyword id="20307089" type="General" weightage="20" keywordseo="kamala-harris" source="keywords">Kamala Harris</keyword> have outlined plans they say will lower costs for Americans through various policies. In the second installment of BI's five-part series for the final stretch before the election, Business Insider is looking at the ways each candidate will impact how much things cost. From the Democratic perspective, an economic policy <a target="_blank" class="" href="https://kamalaharris.com/wp-content/uploads/2024/09/Policy_Book_Economic-Opportunity.pdf">book</a> released by the Harris campaign said that she and her VP pick, Minnesota Governor <keyword id="20346532" type="General" weightage="20" keywordseo="tim-walz" source="keywords">Tim Walz</keyword>, "know that prices are still too high for middle-class families, which is why their top economic priorities will be lowering the costs of everyday needs." When reached for comment, the Harris campaign referred Business Insider to remarks on previously announced policies. Meanwhile, on the other side, <a target="_blank" href="https://www.businessinsider.com/trump-platform-social-security-medicare-retirement-age-end-inflation-2024-7">Trump's platform</a> — which was adopted by the Republican National Committee in July — outlined 20 principles the former president would prioritize in a second term, one of which is: "End inflation, and make America affordable again." <keyword id="23762136" type="General" weightage="20" keywordseo="taylor-rogers" source="keywords">Taylor Rogers</keyword>, the Republican National Committee spokesperson, told BI in a statement that "Trump will once again cut taxes and unleash American energy to lower prices on groceries and other goods when we send him back to the White House." Here's how a Trump or Harris presidency would impact how much a handful of things cost, based on economic policy proposals the candidates have released. <h2>Groceries</h2>High food costs have remained a key concern for voters. According to a Pew Research Center <a target="_blank" class="" href="https://www.pewresearch.org/politics/2024/09/09/economic-ratings-and-concerns/">survey</a> conducted from the end of August to early September of over 9,000 adults, 74% of respondents said they were concerned about the high costs of groceries. In August, Harris released a plan to tackle high food costs by implementing a <a target="_blank" href="https://www.businessinsider.com/grocery-costs-inflation-kamala-harris-ban-price-gouging-election-trump-2024-8">federal ban on price gouging for groceries</a> during national emergencies. Dan Scheitrum, an associate agribusiness professor studying grocery price gouging at California Polytechnic State University, <a target="_blank" href="https://www.businessinsider.com/how-to-lower-grocery-prices-inflation-harris-price-gouging-proposal-2024-8">previously told BI</a> that Harris' proposal might not help much outside of a crisis, like a natural disaster or pandemic. "If you were to try and cut down grocery prices today, there's no state of emergency. So most price gouging protections wouldn't apply at all," Scheitrum said. Trump, on the other hand, said during a town hall in September that he would lower grocery prices by restricting food imports to bolster domestic producers. "Our farmers are being absolutely decimated right now. And, you know, one of the reasons is we allow a lot of farm product into our country," Trump said. When asked how he would lower grocery prices more recently during a Pennsylvania town hall in October, Trump's wide-ranging answer largely focused on immigration while saying that "we're going to do a lot of things" to manage high grocery prices. While details are minimal on Trump's plan to restrict food imports, it's on par with the former president's commitment to bolster tariffs in a second term — and it's <a target="_blank" href="https://www.businessinsider.com/where-does-trump-vance-stand-on-china-tariffs-inflation-taxes-2024-7">faced criticism from experts</a> who have said it would actually boost inflation. <h2>Housing</h2>High housing costs are another key issue. According to Harris' economic policy book, she would reduce rent and mortgage prices by building 3 million new housing units and expanding the Low-Income Housing Tax Credit, which allows private and nonprofit developers to build affordable rental housing. "Right now, a serious housing shortage is part of what is driving up cost," Harris said at a Las Vegas campaign event in September. Additionally, according to her campaign, Harris plans to give Americans up to $25,000 in down-payment assistance to help them finance their purchase of a home. Trump's platform said the former president would address housing affordability by promoting "homeownership through Tax Incentives and support for first-time buyers, and cut unnecessary Regulations that raise housing costs." The platform did not specify which regulations Trump would cut, but he said during a speech at the Economic Club of New York in September that "regulation costs 30% of a new home, and we will open up portions of federal land for large-scale housing construction." Rogers, the RNC spokesperson, told BI that Trump will "secure the border, ban mortgages for illegal immigrants who drive up the price of housing, and eliminate federal regulations driving up housing costs," and reiterated the promise to open up federal land for building. <h2>Imported goods</h2>Trump has pledged to impose a broad-based tariff ranging from 10-20% on all imports, potentially hiking the prices of most goods brought in from other countries. Imported goods that could be affected by the tariffs span a wide range of products. According to the Census Bureau, major US import categories that would be impacted include automobiles ($320 billion so far this year), drugs for human and veterinary use ($155 billion), food and beverage ($140 billion), furniture ($27 billion) and household appliances ($25 billion). And it's not just popular consumer goods that would cost more. Economists are also worried about the potential impact on imported iron and steel mill products. If those become more expensive, so would the products that use them as components. While Trump has insisted that other countries would pay for the tariffs, a wide range of economists agree that the price increases would largely fall on American businesses and households. For example, an <a target="_blank" href="https://taxpolicycenter.org/taxvox/tpc-trump-tariffs-would-raise-household-taxes-and-slow-imports">analysis</a> from the Tax Policy Center found that all income groups would pay higher taxes as a result of Trump's tariffs, with the lowest-income households paying about $320 more in taxes and middle-income households paying $1,350 more. Harris has not offered much detail on her tariff plans. However, Biden implemented increased tariffs on products like steel, aluminum, and semiconductors, and Harris would likely continue those actions if she wins the election. Trump and Sen. JD Vance of Ohio, the GOP vice presidential nominee, have<a target="_blank" href="https://www.cbsnews.com/news/full-vp-debate-transcript-walz-vance-2024/"> pointed out</a> that the Biden administration has maintained Trump-era tariffs on Chinese goods — in fact, Biden increased tariffs on roughly $15 billion of Chinese imports. <h2>Gas</h2>Few prices are more closely watched in politics than the cost of filling up at the gas station. Gas prices have spiked at times during the Biden-Harris administration, including in the summer of 2022, when they peaked at a national average over $5 a gallonbefore sliding back down to roughly $3 a gallon. Energy prices are also notoriously tricky because presidents don't have the power to control complex global and regional markets. Even when the White House taps the Strategic Petroleum Reserve, it's more of a symbolic gesture. Trump has <a target="_blank" class="" href="https://abcnews.go.com/Politics/drill-baby-drill-donald-trump-oil-gas-rnc/story?id=112108980">promised</a> to "drill baby drill," vowing to empower the fossil fuel industry by cutting regulations and issuing more leases for drilling on federal lands. It's unclear how much more appetite oil producers have for expanding production. The Biden-Harris administration has also presided over a <a target="_blank" class="" href="https://www.eenews.net/articles/what-bidens-oil-record-means-for-the-industrys-future/">record high</a> for US oil production. Harris has vowed to go even further, <a target="_blank" class="" href="https://www.eenews.net/articles/energy-wonks-rejoice-harris-campaigns-on-permitting-reform/">calling</a> for more permitting reform. She also supports more federal subsidies for renewable energy. <h2>Prescription drugs</h2>As a candidate in 2016, Trump repeatedly promised to give the federal government the power to negotiate prescription drug prices, although he did not push through that measure as president. In the White House, Trump initially broke with the pharmaceuticalindustry by proposing to tie Medicare drug prices to international standards, but he has since <a target="_blank" class="" href="https://insidehealthpolicy.com/daily-news/trump-campaign-trump-won-t-pursue-most-favored-nation-policy-drugs">backed away</a> from theambitious cost-controlling policy. Sen. JD Vance, the GOP vice presidential nominee, has talked up drug pricing transparency. Harris has promised to expand two provisions in the Inflation Reduction Act, allowing Medicare to negotiate some drugs' prices. She wants to expand the law's $2,000 cap on drug spending and $35 monthly cap on insulin to all Americans. Correction: October 29, 2024 — An earlier version of this story misidentified one of the major US import categories. The category valued at $320 billion so far this year was automobiles, not a separate category involving drugs.

What's expected to get more and less expensive under Trump or Harris 

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<ul class="summary-list"><li>The Education Department released its proposal to provide student-debt relief to borrowers facing hardship.</li><li>Hardship could include the inability to afford student loans alongside high childcare costs or medical bills.</li></ul>President Joe Biden's Education Department has released another <a target="_blank" class="" href="https://www.businessinsider.com/student-loans-debt-forgiveness-who-qualifies-borrowers-relief-education-department-2023-10">student-debt relief proposal</a> — this time for borrowers facing hardship.On Friday, the Education Department unveiled its proposal to provide student-loan forgiveness <a target="_blank" class="" href="https://www.businessinsider.com/who-qualifies-student-loan-forgiveness-borrowers-with-hardship-advocacy-groups-2024-1">for borrowers experiencing hardship</a> caused by long-term financial disruptions, including high childcare costs, unexpected medical bills, natural disasters, or expenses from caring for a sick family member.According to the department, this proposal — if finalized — would benefit about 8 million borrowers who meet the hardship conditions. Those borrowers could have some or all of their student-loan balances wiped out if the department determines their hardship impairs their ability to pay back their loan fully."For far too long, our broken student loan system has made it too hard for borrowers experiencing heartbreaking and financially devastating hardships to access relief, and it's not right," Education Secretary Miguel Cardona said. "The rules proposed by the Biden-Harris Administration today would provide hope to millions of struggling Americans whose challenges may make them eligible for student debt relief."This proposal will be published in the Federal Register in the coming weeks. After that, the public will be able to submit comments and offer feedback to the Education Department on the plan. The department said it expects to finalize the hardship relief in 2025, and a senior administration official told reporters on a Thursday press call that the department cannot comment on how the election will impact any future relief.If the proposal is finalized, the department said there would be two pathways for borrowers to access the relief. The first pathway would allow the department to automatically cancel a borrower's student loans if it determines, based on existing borrower data, that the borrower has at least an 80% chance of defaulting on their loans in the next two years.The second pathway would be application-based; borrowers would submit an application detailing their hardship, and the department would then determine whether forgiving their loan is the proper remedy. Cardona told reporters on Thursday that the department is considering 17 factors to help determine hardship, including household income, a borrower's repayment history, and whether a borrower has any additional expenses, like housing or healthcare.This proposal is separate from the Education Department's <a target="_blank" class="" href="https://www.businessinsider.com/biden-announces-new-student-loan-forgiveness-plan-who-qualifies-relief-2024-4">second attempt at broader student-loan forgiveness</a>, which is blocked in court following challenges from a group of GOP state attorneys general. However, relief for hardship was discussed during the rulemaking process for the broader relief plan, and some of the involved stakeholders pressed the Education Department to deliver a comprehensive proposal for hardship."We have to recognize that having debt in itself is the hardship," Wisdom Cole, the national director of the NAACP's youth and college division and a negotiator on the committee, <a target="_blank" class="" href="https://www.businessinsider.com/which-student-loan-borrowers-will-get-debt-cancellation-biden-hardship-2023-12">previously told BI</a>. "If you are having to take on student debt, that is the hardship, point blank, period."Following pressure from lawmakers and advocates, the Education Department <a target="_blank" class="" href="https://www.businessinsider.com/student-loan-forgiveness-who-will-qualify-financial-hardship-debt-cancellation-2024-2">added a fourth negotiation session</a> in February dedicated to discussing student-debt relief for borrowers facing hardship.Persis Yu, deputy executive director at the advocacy group Student Borrower Protection Center, said in a Friday statement that the proposal "recognizes what Americans from all walks of life have known for decades — too often, higher education does not deliver on its promise of economic mobility and financial stability, and borrowers and their families should not be sentenced to a lifetime of debt as a result."

8 million student-loan borrowers struggling to afford key long-term expenses could get debt cancellation through a new Biden proposal

<ul class="summary-list"><li>Reinsurance costs, emergency backstops for insurance companies, have risen in some states by 40%. </li><li>Those costs are being passed on to homeowners in states like Florida and California.</li></ul>Earlier this year, Florida resident Danny Collins received a surprise in the mail: His monthly mortgage payment was going up $1,000.Collins' Hobe Sound home was re-zoned because of the <a href="https://www.businessinsider.com/my-mortgage-in-florida-went-up-1000-because-of-potential-flooding-2023-7">increased risk of flooding in Florida</a> and the bank holding his mortgage purchased new insurance without notifying Collins. It was a shock, and though he was able to negotiate it down, it's still costing him an extra $8,000 this year. "It was really frustrating because it's not ever talked about. These are the issues that are plaguing Florida," Collins told Insider. "Florida will be underwater soon. That's just the reality." The climate crisis is impacting the cost of homeownership nationwide, as insurance companies adjust their models based on the <a href="https://www.businessinsider.com/extreme-heat-flooding-wildfires-new-normal-abnormal-2023-7">shifting frequency and scale of natural disasters</a>. We want to hear from you: Have your homeownership costs gone up because of increasing insurance premiums due to more frequent disasters? Is your community concerned about the climate crisis' impact on affordability? Did higher insurance rates owing to past climate-related events play a role in your decision to move? Tell us how the climate crisis is affecting you and where you live. Email reporter Dan Latu at dlatu@insider.com. <h2>Homeowners left in a lurch</h2>In California, homeowner Nick told Insider that he couldn't find affordable insurance for his $100,000 cabin in the Klamath National Forest. The increasing risk of seasonal wildfires made many plans too expensive. So when the horrific McKinney fire tore through his community in 2022, Nick, who asked Insider to withhold his last name because of legal action related to the fire, wasn't prepared and lost his entire house. "We never thought the fires could be this frequent and this bad," he told Insider. Even reinsurance plans, which are essentially emergency insurance for insurance providers when disasters are too costly, have spiked 40% this year in some parts of the country, <a href="https://www.nytimes.com/2023/08/16/business/reinsurance-global-crises.html" target="_blank" rel="noopener">according to the New York Times</a>.Insurers have pointed to these reinsurance jumps as being behind their own cost-cutting decisions. When <a href="https://www.businessinsider.com/state-farm-cuts-new-home-insurance-california-citing-wildfire-risk-2023-5">State Farm announced a pullback</a> on some policies available in California, the insurance giant explained it was due in part to "a challenging reinsurance market."In Florida, Bob Stephens told Insider it feels like "living on the Titanic." Currently, the state-backed Citizens Insurance plan does not cover homes that would cost more than $1 million to rebuild, leaving Stephens' $3 million property in a lurch."You know you're going down. How are you going to stop it?" he said.

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Heavy rains to lash across the country between Oct 12-16, here's how you can insure your home from rain's fury

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