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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>Natural catastrophes and bad weather have wreaked havoc on food crops across the world.</li><li>Orange juice futures, cacao beans, and rice have hit all-time highs of late – while Chinese pork has slumped.</li></ul>Natural disasters, adverse weather, and invasive diseases have all helped wreak havoc on the market for some of the world's most important foodstuffs.A succession of hurricanes and deadly bacteria have ravaged American oranges, while heavy rainfall has rotted cacao beans in West Africa. As of Wednesday, Asian rice hit its highest price in almost 15 years; while in China, pork prices have slumped so far that they have dragged inflation into negative territory.Here's a roundup of what's been happening in the world of soft commodities lately.<h2>Orange juice</h2>Orange juice futures hit an all-time high on July 28, as citrus crops all across the US have been hammered by a series of hurricanes and the spread of 'citrus greening', an incurable disease spread by insects.The ICE US frozen orange futures index touched a record 317.5 (USc per lb) – a metric that reflects orange juice production in the US as the lowest in "over 100 years", Matthew Joyner, chief executive of Florida Citrus Mutual, told <a href="https://www.ft.com/content/ab06eadb-1de6-45e8-89c7-50531614d9a8" target="_blank" rel="noopener">the Financial Times</a>. The vast majority of oranges produced in the US come from Florida, which has been hobbled by hurricanes and a cold snap, massively hampering supply. Not only adverse weather conditions, but the resurgence of the pathogen, has ravaged crops in both America and Brazil. Such headwinds are responsible for the supply shortage in oranges, which has driven up prices that will eventually filter through to consumers.<h2>Chinese pork </h2><a href="https://markets.businessinsider.com/news/commodities/china-pork-prices-have-fallen-dragging-country-into-deflation-2023-8">Chinese pork prices have fallen</a> by over a quarter since the previous July as an oversupply of meat has weighed heavily on consumer food prices, pushing the Asian state into a period of deflation.Pork plays an important part in the makeup of China's Consumer Price Index basket, accounting for around 3% of it, per the Economist Intelligence Unit. "A rough rule of thumb is therefore that a 10% increase in the pork price will push up the CPI by 0.3%," <a href="https://country.eiu.com/article.aspx?articleid=636856447&amp;Country=China&amp;topic=Economy&amp;oid=1092669893&amp;flid=357283419" target="_blank" rel="noopener">the EIU</a> said in a research note, underscoring the animal's importance to the economy.Data from the National Bureau of Statistics showed that pork prices have fallen 26% in July year-on-year, a significant fall for the world's largest producer and consumer of the meat. The decline in prices can be attributed to oversupply in the market, caused by a backlog after a bad outbreak of African swine fever. <h2>Cocoa beans</h2>Orange juice is not the only sweet to see its value jump recently – on Monday, cocoa bean futures surged to their highest levels since 2011, according to data by <a href="https://www.barchart.com/story/news/19234096/cocoa-prices-under-pressure-from-improved-weather-in-west-africa" target="_blank" rel="noopener">Barchart</a>. The beans, used primarily in chocolate, are rallying amid a supply crunch caused by heavy rainfall and the spread of a black pod disease in West Africa, which has rotted cocoa pods. The spread of the blight caused by the extreme wet weather could result in lower crop quality and production, pushing the global cocoa market into a third year of deficit for the 2023/24 season, according to Barchart. <h2>Asian rice</h2>Rice has not been this expensive in almost 15 years, as exceptionally dry weather in Thailand and India and the banning of its own exports foster a global shortage in the crop. The price of Thai white rice 5% broken has hit $648 a ton – the highest since October 2008 – according to <a href="https://www.bloomberg.com/news/articles/2023-08-09/rice-in-asia-soars-to-highest-level-since-2008-on-supply-risks" target="_blank" rel="noopener">Bloomberg data</a> from the Thai Rice Exporters Association released Wednesday. Amid the onset of El Niño, where water temperature in the Pacific rises, Thai farmers are being encouraged to switch to growing crops that require less water. While India, another key producer, last month extended its export ban to protect domestic supply – and this has increased fears of a supply shortage. Rice is integral to the diets of billions of people around the globe, and a shortage may potentially spell catastrophe for households.

Bad weather, natural disasters, and disease are hobbling crops right now. Here's how the food commodity markets are responding.

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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

Ira Alok Puranik

Bad weather, natural disasters, and disease are hobbling crops right now. Here's how the food commodity markets are responding.

Joseph Wilkins

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