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The <keyword id="19922074" type="General" weightage="20" keywordseo="Reserve-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank" meta.hostid="261" meta.entityid="Reserve Bank">Reserve Bank</keyword> is expected to hold its key rates at the forthcoming <keyword id="22706079" type="General" weightage="20" keywordseo="policy-review" source="keywords">policy review</keyword>, but may sound more confident about reaching its 4% inflation objective, a foreign brokerage said on Wednesday. The rate-setting panel may prefer to stick to the 'withdrawal of accommodation' stance of the <keyword id="20104157" type="General" weightage="20" keywordseo="monetary-policy" source="keywords">monetary policy</keyword>, HSBC said in the report on the eve of the <keyword id="19899808" type="General" weightage="100" keywordseo="RBI" source="keywords">RBI</keyword> <keyword id="19918491" type="General" weightage="20" keywordseo="MPC" source="keywords">MPC</keyword>'s decision. "While it's a close call, we also think the policy stance will remain unchanged, even as the RBI sounds more confident than before about getting to its 4% <keyword id="20661141" type="General" weightage="20" keywordseo="inflation-target" source="keywords">inflation target</keyword>," it said, listing out the aspects it will watch out for in the document or the resolution. These include any softness in tone around increased confidence of getting to 4% inflation durably, or a change in growth or inflation forecasts, and, further commentary around the use of OMO (open market operations) sales to take out excess liquidity. In the background of another member dissenting at the last policy review, the brokerage said the number of MPC members calling for a rate cut or change in stance will also be watched keenly. Apart from this, it said any more colour on the plans to change regulatory requirements on the <keyword id="20479869" type="General" weightage="20" keywordseo="liquidity-coverage-ratio" source="keywords">liquidity coverage ratio</keyword>, which is reported to have a bearing on banks' profitability, will also be watched, it said. On the stance questions, there are several points in support of softening from the current "hawkish" posturing, the brokerage said, adding that there are an equal number of aspects against such a move as well. Factors such as global turmoil, improving rains, soft core inflation, weaker credit growth and fiscal consolidation support a softening of the stance, while on the other side, there are competing ones like long wait for a durable fall in food inflation, loose financial conditions, OMO sales and growth being strong on the other side, it said.

RBI to hold rates, may sound more confident of reaching inflation target, says report

<keyword id="22053621" type="General" weightage="20" keywordseo="Insurance-regulator-IRDA" source="keywords" meta.keywordsubtype="org" meta.entityname="Insurance regulator IRDA" meta.hostid="261" meta.entityid="Insurance regulator IRDA">Insurance regulator IRDA</keyword> has introduced sweeping reforms for various <keyword id="19936531" type="General" weightage="100" keywordseo="life-insurance" source="keywords">life insurance</keyword> products. In its master circular dated 12th June, 2024, the insurance watchdog laid out a slew of customer-friendly directives for life insurance companies to follow with immediate effect. Read on to know all about how these new rules will impact you : <cmsannotation type="cmsannotation" annotationid="Customer information sheet" comment="subhead" text="Customer information sheet"><keyword id="22033784" type="General" weightage="20" keywordseo="customer-information-sheet" source="keywords">Customer information sheet</keyword></cmsannotation> Going ahead, all life insurance companies will have to mandatorily provide their policyholders with a CIS, or Customer Information Sheet. This will serve to explain to them the basic features of the policy in very simple terms, and will include essential details like sum assured, benefits, policy loan options, free-look period and procedures for making claims and redressing grievances. In addition, benefits payable to the policyholder if they survive the policy tenure (maturity benefits), upon death and surrender of policy should also be clearly spelt out. Along with this, the policyholders are also entitled to a customised illustration of how the policy will benefit them while they are being sold the policy. CIS should also be made available to the policyholder in their local language on request. <cmsannotation type="cmsannotation" annotationid="Free-look and grace period" comment="subhead" text="Free-look and grace period"><keyword id="22053620" type="General" weightage="20" keywordseo="Free-look-and-Grace-Period" source="Orion">Free-look and grace period</keyword></cmsannotation> Policyholders will now have a 30-day window from the day they receive the policy document to review and cancel the policy if they want. If the policy is cancelled within this period, they will be entitled to a full premium refund. Earlier, this period only lasted for 15 days. For grace period, which basically refers to the additional, penalty-free window given to the policyholder to make premium payment post due date to avoid losing coverage, the windows will differ depending on premium payment frequency. If you pay the policy premiums on a monthly basis, you will get a 15-day grace period. For premium payments made on a quarterly/half-yearly or annual basis, the grace period will be of 30 days. <cmsannotation type="cmsannotation" annotationid="Penalty on violating Ombudsman’s word" comment="subhead" text="Penalty on violating Ombudsman’s word">Penalty on violating Ombudsman’s word</cmsannotation> The insurer is bound to comply with the <keyword id="960887" type="General" weightage="20" keywordseo="Insurance-Ombudsman" source="Orion">Insurance Ombudsman</keyword>’s award within 30 days of receiving the same. In case the same is violated, the insurer will have to pay a penalty of Rs 5,000 per day to the complainant. <cmsannotation type="cmsannotation" annotationid="Higher value on early policy surrender" comment="subhead" text="Higher value on early policy surrender">Higher value on early policy surrender</cmsannotation> Often, policyholders ended up with a low, negligible amount as refund upon surrendering their insurance policy. This is set to change with <keyword id="21879234" type="General" weightage="20" keywordseo="IRDA" source="keywords">IRDA</keyword>’s latest directives. Now, policyholders will be eligible for <keyword id="885219" type="General" weightage="20" keywordseo="surrender-value" source="Orion">surrender value</keyword> even if they decide to surrender their policy after just one year. Previously, only 50% of <keyword id="2939473" type="General" weightage="20" keywordseo="policy-premium" source="Orion">policy premium</keyword> would be refunded, provided the policyholders surrendered their policy between years 4-7 of the policy tenure. Moreover, they would lose the entire premium amount if they surrendered their policy within a year. Customers will also be entitled to higher special surrender value (SSV) from now on. This SSV should be at least equivalent to the expected present one of the these three: <ol><li>Paid up sum assured, or present value of your sum assured after you stop paying premiums</li><li>Paid up future benefits</li><li>Accrued benefits</li></ol>Also, it will be compulsory for life insurers to offer loans to policyholders as per the eligible surrender value of the policy. Says Vivek Jain, Head, Investments, Policybazaar.com, "The provision for higher Surrender Value (SV), calculated at a prevailing 10-year government securities rate with a limited spread, significantly increases the value returned to policyholders in the event of a policy surrender, after the completion of first year. The mandatory facility of policy loans across all life insurance savings products and the allowance of partial withdrawals under pension products will provide vital financial flexibility, which will enable policyholders to meet liquidity needs and specific financial goals. These measures will certainly enhance trust and transparency in the industry." <cmsannotation type="cmsannotation" annotationid="Partial withdrawal allowed from pension products" comment="subhead" text="Partial withdrawal allowed from pension products">Partial withdrawal allowed from pension products</cmsannotation> Policyholders will be allowed to make partial withdrawals, provided they have 3 years of continuous coverage under their insurance-cum-pension plan. Also, these withdrawals cannot be more than 25% of the total premiums paid till date. The insurer cannot use this withdrawal towards making any adjustments in the policy's sum assured. However, this withdrawal will only be allowed for specific situations, like funding children’s higher education/marriage, constructing a house, treating critical illnesses, starting a new venture or for skill development purposes.

Here’s how your life insurance plans are set to change

Bike insurance is a necessity for every bike owner. It provides financial protection in the event of an accident, theft, or any other unforeseen circumstances. A comprehensive <keyword id="21358051" type="General" weightage="100" keywordseo="bike-insurance-policy" source="keywords">bike insurance policy</keyword> not only protects your bike but also safeguards you against third-party liabilities. In India, as mandated by law under Motor Vehicles Act, of 1988, it is mandatory to have a third-party motor insurance policy for all motor vehicles. However, opting for comprehensive insurance which is a combination of Third-Party (TP) and Own Damage (OD) coverage, which offers additional benefits and peace of mind. If you purchased bike insurance in April 2023, it will be up for Own Damage (OD) renewal in <keyword id="19986528" type="General" weightage="20" keywordseo="April-2024" source="keywords">April 2024</keyword>. Here are some tips to help you renew your bike insurance policy effortlessly. This article will offer essential tips that will make your bike insurance renewal journey seamless and convenient. <cmsannotation type="cmsannotation" annotationid="Evaluate your current policy" comment="subhead" text="Evaluate your current policy">Evaluate your current policy</cmsannotation> Before renewing the policy, evaluate your current bike insurance policy. Assess the coverage you opted for and whether it meets your requirements. Check if your policy includes add-ons that you don't need or if it lacks crucial coverage. Based on your evaluation, you can decide if should switch to another insurer, opt for a new policy, or renew your existing policy with no changes. <cmsannotation type="cmsannotation" annotationid="Check for No Claims Bonus (NCB)" comment="subhead" text="Check for No Claims Bonus (NCB)">Check for No Claims Bonus (<keyword id="20071511" type="General" weightage="20" keywordseo="NCB" source="keywords">NCB</keyword>)</cmsannotation> If you did not make any claims during the previous policy period, you are eligible for a No Claims Bonus (NCB). You can avail of a discount on the premium for the next policy period. Ensure that your insurer has correctly calculated the NCB amount, and it reflects in the <keyword id="20791613" type="General" weightage="20" keywordseo="premium-amount" source="keywords">premium amount</keyword>. <cmsannotation type="cmsannotation" annotationid="Review the IDV of your bike" comment="subhead" text="Review the IDV of your bike">Review the <keyword id="20623260" type="General" weightage="20" keywordseo="IDV" source="keywords">IDV</keyword> of your bike</cmsannotation> Insured Declared Value (IDV) is the maximum amount that the insurer pays in the event of damage or theft of a bike. IDV is calculated based on the current market value of the bike. Review the IDV of your bike in your current policy. Ensure that the premium amount is correctly calculated based on the IDV. If the IDV mentioned is less than the actual value of your bike, you will have to pay extra in case of partial loss or theft. On the other hand, if the IDV is high, your premium amount will be more. Thus, you must evaluate the IDV wisely, ensuring a balance between the IDV and the premium amount. <cmsannotation type="cmsannotation" annotationid="Compare policies" comment="subhead" text="Compare policies">Compare policies</cmsannotation> It is crucial to compare policy quotes from different insurance providers before renewing your policy. Comparing policies helps you understand the different types of coverage available in the market. It also enables you to make an informed decision based on the best possible coverage and premium cost. Using online insurance comparison tools can help you compare policies and their features. It is advisable to opt for a policy that offers comprehensive coverage while keeping the premium amount affordable. At Bajaj Finance Insurance Mall, you can compare bike insurance policies and premiums offered by leading insurance providers in India. This convenient platform allows you to choose your preferred policy and buy it in just a few clicks. So, check Bajaj Finance Insurance Mall before renewing your bike insurance policy. <cmsannotation type="cmsannotation" annotationid="Renew on time" comment="subhead" text="Renew on time">Renew on time</cmsannotation> It is important to renew your bike insurance policy on or before the due date. If you fail to renew on time, you will have to pay a penalty for a delayed renewal. Additionally, if there is a gap between your policy's expiry date and the renewal date, you will not be covered in case of any mishaps. You can renew your policy online through your insurer's website or mobile application. It's a quick and convenient way to renew your policy from the comfort of your home. <cmsannotation type="cmsannotation" annotationid="Opt for long-term policies" comment="subhead" text="Opt for long-term policies">Opt for long-term policies</cmsannotation> Instead of renewing your policy annually, you have the option to opt for long-term policies. Long-term policies offer coverage for up to three years, reducing the hassle of renewing the policy every year. It also locks in the premium and NCB for the duration of the policy. <cmsannotation type="cmsannotation" annotationid="Final thoughts" comment="subhead" text="Final thoughts">Final thoughts</cmsannotation> Renewing your bike insurance policy on time is crucial to ensure financial protection in case of an accident, theft, or any other unforeseen circumstances. Carefully evaluate your current policy and compare policy quotes from different insurers. Review the IDV of your bike and ensure that the premium is calculated based on it. Check if you are eligible for a No Claims Bonus and if it is correctly reflected in the premium amount. Opt for a long-term policy if it suits your needs. Remember to renew your policy on time to avoid any penalties for delayed renewal and gaps in coverage. By following these tips, you can effortlessly renew your bike insurance policy in April 2024. (ADVERTORIAL DISCLAIMER: The above press release has been provided by VMPL. will not be responsible in any way for the content of the same)

Essential tips for effortlessly renewing your bike insurance policy in 2024

<ul class="summary-list"><li>Rep. Pramila Jayapal, the top progressive in the House, acknowledged that Biden's age is an issue.</li><li>But she says that the coverage has been "unfair" and Trump also has frequent slip-ups.</li></ul>Rep. Pramila Jayapal acknowledged that President Joe Biden's <a target="_blank" href="https://www.businessinsider.com/joe-biden-ruth-bader-ginsburg-comparison-age-health-step-down-2024-2">age</a> is an issue — but she argues that media coverage of it has been "very unfair."The Washington Democrat, who also chairs the Congressional Progressive Caucus, held a briefing with reporters on Thursday morning to discuss the caucus's priorities and Biden's State of the Union address.Business Insider asked the congresswoman whether the 81-year-old president had done enough to assuage the public's concerns about his age, given that <a target="_blank" href="https://www.businessinsider.com/joe-biden-age-fitness-polls-election-donald-trump-2024-3">polling has consistently shown</a> that voters are worried about it and the revelations from <a target="_blank" href="https://www.businessinsider.com/biden-forgot-timing-vice-presidency-beau-death-special-counsel-report-2024-2">Special Counsel Robert Hur's report.</a>"Is it ideal to have two guys, two white dudes, who are in their last three decades of their life, as president?" Jayapal asked. "Is that ideal? I mean, if we could just pick anybody, and there were other options, maybe not. But I do feel like people are very unfair to this president."Jayapal pointed out that former President Donald Trump, who's 77, frequently makes verbal slip-ups as well, including at times referring to Biden as "Obama.""Donald Trump thinks he's running against President Obama!" the congresswoman exclaimed.Jayapal argued that the White House needs to "allow the President to play to his strengths," suggesting that standing in front of teleprompters wasn't the best way to achieve that. She noted that Biden is "so good one-on-one" and potentially in town hall settings." I do think empathy is his superpower," said Jayapal. "I think he's able to connect with people's hardships in a way that very few people at that level of politics are able to do."The congresswoman also indicated that she believes ongoing US support for Israel's war in Gaza was a <a target="_blank" href="https://www.businessinsider.com/joe-biden-age-memory-war-israel-2024-2">more pressing issue for Biden's reelection</a> than his age, saying that she's "extremely supportive" of <a target="_blank" href="https://www.businessinsider.com/joe-biden-uncommitted-campaign-north-carolina-minnesota-2024-3">voters who cast "uncommitted" ballots</a> because it's a "non-binding" way of registering their disapproval of Biden's Israel policies."If we lose this election, I believe it will be because of our policy on the Middle East," said Jayapal, saying she felt the "same thing on the ground" that she felt ahead of 2016, when she expected Trump to win.

Rep. Pramila Jayapal says Biden's age is not 'ideal' but that the coverage has been 'very unfair' to him

Our experts choose the best products and services to help make smart decisions with your money (<a href="https://www.businessinsider.com/personal-finance/personal-finance-editorial-standards" class="not-content-link" target="_blank">here's how</a>). In some cases, we receive a commission from <a href="https://www.businessinsider.com/personal-finance/our-partners" class="not-content-link" target="_blank">our partners</a>; however, our opinions are our own. Terms apply to offers listed on this page.Last updated: December 1, 2023Insider Inc. publishes links to various retailers as part of our reporting, particularly within product reviews through our Commerce team, which includes Personal Finance Insider.<a href="https://www.businessinsider.com/reviews"> </a>The Personal Finance Insider team highlights financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you.If you take an eligible action like clicking on a product we've covered, apply for a product, or ultimately get a financial product based on our research, we earn a commission from our advertising partners. This compensation does not influence whether a financial product or service receives favorable coverage. Our opinions are our own and not influenced by payment considerations. Personal Finance advertising partners include: <h3 class="faq-question">Auto Insurance</h3>Insure.com<h3 class="faq-question">Auto Loans</h3><ul class="faq-answer"><li>myAutoloan.com</li></ul><h3 class="faq-question">Banking</h3><ul class="faq-answer"><li>American Express</li><li>Aspiration </li><li>Axos Bank</li><li>Barclays</li><li>BlueVine</li><li>Brex</li><li>BusyKid</li><li>CIT Bank</li><li>Chase</li><li>Checks SuperStore</li><li>Chime</li><li>CIT Bank</li><li>Current</li><li>Dave Spending Account</li><li>eToro.com</li><li>First National Bank</li><li>GoHenry</li><li>HSBC</li><li>Juno</li><li>Lili</li><li>Melio</li><li>nbkc bank</li><li>Novo Bank</li><li>OnPath</li><li>PayPal</li><li>Quontic Bank</li><li>Save</li><li>Silver Gold Bull Profit Trove</li><li>Spruce Money</li><li>Step - banking for the next generation</li><li>Valley Direct Bank</li><li>Yotta</li></ul><h3 class="faq-question">Credit Cards</h3><ul class="faq-answer"><li>American Express</li><li>Brex</li><li>Capital Bank</li><li>Capital One</li><li>Chase</li><li>Coastal Bank</li><li>Credit One</li><li>Discover</li><li>M1</li><li>Pentagon FCU</li><li>Ramp</li><li>Revenued</li><li>Save</li><li>Synchrony Bank</li><li>US Bank</li><li>Verizon Wireless</li><li>Wells Fargo</li></ul><h3 class="faq-question">Credit Monitoring &amp; Credit Building</h3><ul class="faq-answer"><li>Aura</li><li>Credit Saint</li><li>CreditRepair.com</li><li>CreditSesame</li><li>Experian.com</li><li>Identity Guard</li><li>IdentityForce</li><li>IdentityIQ</li><li>Kikoff</li><li>Legal Shield</li><li>LexingtonLaw</li><li>Life Lock</li><li>MyFreeScoreNow.com</li><li>Self, Inc.</li><li>SkyBlue</li><li>The Credit Pros</li></ul><h3 class="faq-question">Home Insurance</h3><ul><li class="faq-answer">Insurify</li></ul><h3 class="faq-question">Investing</h3><ul class="faq-answer"><li>Ally Invest</li><li>Betterment</li><li>Bitcoin IRA</li><li>Capitalize</li><li>DLP Capital</li><li>Doorvest</li><li>Equity Multiple</li><li>Fabric by Gerber Life</li><li>Fidelity</li><li>Fundrise</li><li>Gemini</li><li>Personal Capital</li><li>Public</li><li>Streetbeat</li><li>TD Ameritrade</li><li>Uphold</li><li>Wealthfront</li><li>Zacks Trade</li></ul><h3 class="faq-question">Life Insurance</h3><ul class="faq-answer"><li>AIG Life Insurance</li><li>Ethos Life Insurance</li><li>Fabric Life Insurance</li><li>Ladder Life Insurance</li><li>Policygenius</li></ul><h3 class="faq-question">Mortgages/Home Warranties</h3><ul class="faq-answer"><li>American Home Shield</li><li>America's 1st Choice Home Club</li><li>Amerisave Mortgage</li><li>Arrived Homes</li><li>Better Mortgage</li><li>Choice Home Guard</li><li>Cinch Home Services</li><li>First Premier</li><li>Guild Mortgage</li><li>Liberty Home Guard</li><li>Quicken Loans </li><li>Rocket Mortgage</li><li>Select</li><li>New American Funding</li><li>Veterans United</li></ul><h3 class="faq-question">Miscellaneous</h3><ul><li class="faq-answer">Rakuten</li><li class="faq-answer">Rocket Money</li></ul><h3 class="faq-question">Personal Loans</h3><ul class="faq-answer"><li>AmOne</li><li>CashAdvance</li><li>Fiona</li><li>LendingTree</li><li>Payoff</li><li>Possible Finance</li><li>SoFi</li></ul><h3 class="faq-question">Pet Insurance</h3><ul class="faq-answer"><li>ASPCA</li><li>Chewy</li><li>Embrace</li><li>Figo</li><li>Healthy Paws</li><li>Lemonade</li><li>ManyPets</li><li>MetLife</li><li>Nationwide</li><li>Pet Plan</li><li>Prudent</li><li>Spot </li><li>Trupanion</li></ul><h3 class="faq-question">Student Loans</h3><ul class="faq-answer"><li>Ascent</li><li>College Ave</li><li>Credible</li><li>Earnest</li><li>SoFi</li></ul><h3 class="faq-question">Taxes</h3><ul class="faq-answer"><li>E-file.com</li><li>FreeTaxUSA</li><li>H&amp;R Block</li><li>Liberty Tax</li><li>Tax Slayer</li><li>TurboTax</li></ul><h3 class="faq-question">Travel Insurance</h3><ul class="faq-answer"><li>SquareMouth</li><li>Faye Travel Insurance</li></ul>Interested in how our other Commerce verticals, like Reviews and Coupons, work with advertisers? See <a href="https://www.insider-inc.com/commerce-on-insider-inc">this page</a>.Have something you think we should know about or interested in working with us? Get in touch at insiderpicks@businessinsider.com.

Personal Finance Advertising Policy

A Delhi court on Monday sent Chief Minister <keyword id="19901384" type="General" weightage="20" keywordseo="arvind-kejriwal" source="keywords">Arvind Kejriwal</keyword> to <keyword id="6358969" type="General" weightage="20" keywordseo="judicial-custody" source="Orion">judicial custody</keyword> till April 15, while the AAP supremo moved an application to have three books -- Bhagavad Gita, Ramayana and How Prime Ministers Decide. He was produced before Special <keyword id="21152631" type="General" weightage="20" keywordseo="Judge-Kaweri-Baweja" source="Orion">Judge Kaweri Baweja</keyword> of the Rouse Avenue Court on the expiry of his previously extended <keyword id="6357808" type="General" weightage="20" keywordseo="Enforcement-Directorate" source="Orion">Enforcement Directorate</keyword> (ED) custody in connection with the money laundering case related to the alleged excise policy scam. On March 28, Judge Baweja had extended his ED custody, holding that there were "sufficient reasons". However, she had allowed him to meet his family members and lawyers. On Monday, the CM was produced amid heavy security while counsel for both ED and <keyword id="19919267" type="General" weightage="20" keywordseo="cm-kejriwal" source="keywords">CM Kejriwal</keyword> made submissions virtually. Senior Advocates Vikram Chaudhary and Ramesh Gupta appeared for him and Additional Solicitor General (ASG) S.V. Raju for the probe agency. Seeking his judicial custody, ASG Raju said "we (ED) seek his judicial custody and no more ED remand". Alleging the same as it had alleged last time, the ED said: "He (<keyword id="19895701" type="General" weightage="100" keywordseo="kejriwal" source="keywords">Kejriwal</keyword>) is non-cooperative and is giving evasive replies." The ASG made another similar submission as last time saying that CM Kejriwal isn't giving password to his phone. The court was told by ASG that the ED might seek his custody later. After a brief hearing, the judge sent CM Kejriwal to judicial custody till April 15. The accused has also moved an application to be provided with a special diet, medicines, books and religious locket which he wore while being in custody. Earlier, the probe agency had sought the Chief Minister's custody for seven more days. However, after hearing the arguments, the court had extended the AAP supremo's ED remand by four days till April 1, observing that there appear to be "sufficient reasons" to permit his further custodial interrogation, particularly keeping in view the submissions of the ED. The probe agency had submitted that he is required to be confronted with the material collected and statements recorded so far in the course of the investigation. The court had directed the investigation officer to ensure that further interrogation and confrontation, etc., of the accused is done without any delay. Judge Baweja had allowed CM Kejriwal to meet his family members, including his wife, daughter, PA and advocates. Moreover, the court had directed the agency to conduct the interrogation at a place with CCTV coverage and for the preservation of the footage. The ED was also asked to provide the requisite medication to CM Kejriwal and get him medically examined in accordance with the law during the period of his custody. The ED arrested CM Kejriwal on March 21 after questioning him for over two hours at his official residence in Delhi. The ED has termed CM Kejriwal the "kingpin and the key conspirator" of the alleged excise scam in collusion with other ministers of the Delhi government, AAP leaders, and other persons.

Excise policy case: Delhi court sends CM Kejriwal to judicial custody till April 15

<ul class="summary-list"><li>Airbnb's new cancellation and refund policy will go into effect starting June 6.</li><li>The new policy offers cancellations and refunds to guests when they face "unexpected major events."</li></ul>Airbnb is updating its cancellation and refund policy to include "unexpected major events" like natural disasters.The US-based vacation rental company announced the update on Thursday in an online press release. The <a target="_blank" class="editor-rtfLink" href="https://news.airbnb.com/an-update-on-our-major-disruptive-events-policy/">Major Disruptive Events Policy</a> — formerly called the Extenuating Circumstances Policy — will go into effect on June 6.<div type="image" title="Airbnn cancellation and refund policy" height="1440" width="1546" msid="108882833" hostid="261" sizebytes="152798"></div>The new policy will include "declared public health emergencies and epidemics," but that does not include endemic diseases like the flu or COVID-19.It will also cover government-issued travel restrictions, major essential utility outages, military actions, and natural disasters.Although Airbnb does cover natural disasters, it notes that "weather or natural conditions that are common enough to be foreseeable in a given location — for example, hurricanes occurring during hurricane season in Florida — are covered only when they result in another Event covered by this Policy that prevents completion of the reservation, such as a mandatory evacuation order or large-scale outage of essential utilities."Airbnb added that its new policy will allow guests to cancel reservations mid-trip if they stem from one of the identified coverage points. Guests will receive a refund for nights they didn't stay at the rental without fees, while hosts will bypass consequences.Regarding hosts, Airbnb's policy will ask they cancel guest reservations without additional fees if the rental is "uninhabitable." Additionally, the policy will allow hosts to cancel reservations without any fees or consequences.<div type="image" title="Airbnn cancellation and refund policy" height="1322" width="1556" msid="108882835" hostid="261" sizebytes="108926"></div>There are also certain things the policy doesn't cover, including unexpected illnesses and jury duty. Since the cancellation and refund policy doesn't cover all emergencies, Airbnb urges guests to invest in travel insurance."The changes to this policy, including its new name, were made to create clarity for our guests and Hosts and ensure it's meeting the diverse needs of our global community," said Juniper Downs, the Global Head of Community Policy and Partnerships, in the press release. "Our aim was to clearly explain when the policy applies to a reservation, and to deliver fair and consistent outcomes for our users. These updates also bring the policy in line with industry standards."<div type="image" title="Airbnb stock image from Getty Images" height="2467" width="3700" msid="108882837" hostid="261" sizebytes="213932"></div>Representatives for Airbnb did not immediately respond to a request for comment from Business Insider.Airbnb's cancellation and refund policy update comes after it <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/airbnb-security-camera-ban-policy-change-date-violations-punishment-2024-3">banned indoor security cameras this month</a>. Hosts were previously allowed to use indoor cameras if disclosed in the property's online listing, but the ban — which starts April 30 — will affect rentals worldwide.Indoor security cameras were a contested topic between hosts and guests. While hosts said they installed cameras to protect their properties, some vacationers voiced surveillance concerns.

You Searched For "policy coverage" and got 7 results

RBI to hold rates, may sound more confident of reaching inflation target, says report

PTI

Here’s how your life insurance plans are set to change

Ira Alok Puranik

Essential tips for effortlessly renewing your bike insurance policy in 2024

ANI

Rep. Pramila Jayapal says Biden's age is not 'ideal' but that the coverage has been 'very unfair' to him

Bryan Metzger

Personal Finance Advertising Policy

Insider Inc.

Excise policy case: Delhi court sends CM Kejriwal to judicial custody till April 15

IANS

Here's when Airbnb will actually issue a refund, according to its updated policy

Lauren Edmonds

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