With Durga Puja, Diwali and other festivals approaching, households are increasing their spending on gold, jewellery, electronics, furniture, home décor and other valuable items. This rise in household possessions has also brought attention to the importance of having adequate home insurance coverage.
Insurers are encouraging families to review their existing policies before the festive season to make sure both the home structure and belongings inside the property have sufficient protection against unexpected losses.
Festive shopping can significantly increase the value of items kept at home. While homeowners often concentrate on insuring the physical property, the contents of the house can also represent a substantial financial value, particularly after purchasing jewellery, appliances, furniture and other expensive items.
Rajive Kumaraswami, MD & CEO of Chola MS General Insurance, told Business Today that home insurance should not be limited to the building itself. According to him, coverage should also take into account valuables and other belongings kept inside the house, helping families remain financially prepared for unforeseen events during the festive period.
What Does Home Insurance Cover?
Policies such as the Bharat Griha Raksha Policy offer protection for residential buildings and their contents against specified insured risks. These can include events such as fire, lightning and natural catastrophes, subject to the terms, conditions and exclusions of the policy.
Home contents may include household possessions, furniture and electrical appliances. Jewellery and other precious articles can also be covered, although specific declarations, coverage limits and other policy requirements may apply.
Therefore, homeowners should check their policy documents carefully to understand exactly which belongings are insured and the applicable limits.
Diwali Decorations and Firecrackers Can Increase Fire Risk
The importance of suitable coverage becomes particularly relevant during the festive season. Homes are often decorated with diyas, candles, decorative lighting and additional electrical equipment during Durga Puja and Diwali.
The use of firecrackers during Diwali can also increase the possibility of fire-related incidents. Sparks or flames may potentially cause damage not only to a homeowner’s property but also to nearby premises.
For this reason, families planning extensive decorations or purchasing additional electrical items should review their existing home insurance protection before the celebrations begin.
Check Exclusions and Coverage for Jewellery
Having a home insurance policy does not necessarily mean that every type of loss will be covered. Policies contain specific exclusions, and these can include normal wear and tear, gradual deterioration, losses caused by negligence and other incidents excluded under the policy terms.
Special attention may be required for high-value possessions such as jewellery and precious articles. Policyholders should verify whether these items are included under the home contents section, whether they need to be specifically declared and what coverage limits apply.
Keeping important documents such as purchase invoices, photographs, valuation reports and ownership records can also help establish the value of possessions if a claim needs to be filed.
Prompt Claim Reporting Can Help
If a loss occurs, Chola MS said customers can register claims through its website, mobile application, customer service channels or insurance intermediaries.
Reporting an incident promptly and submitting the required supporting documents, wherever applicable, can help make the claims process smoother.
For families making significant purchases during the festive season, reviewing the sum insured, checking coverage limits and understanding policy exclusions before Durga Puja and Diwali can help reduce the risk of unexpected financial losses.
Disclaimer
This article is intended for general informational purposes and does not constitute insurance, financial or legal advice. Home insurance coverage, exclusions, limits and claim requirements vary according to the specific policy and insurer. Readers should carefully review their policy documents and consult their insurer or a qualified insurance professional for information applicable to their individual circumstances.