As families prepare for Durga Puja, Diwali and other festive celebrations, household spending on gold, jewellery, electronics, home décor and other valuable items typically increases. With more high-value possessions entering homes during this period, insurers are encouraging homeowners to review their home insurance coverage and ensure that both the property and its contents have adequate protection.
While homeowners often focus on safeguarding the physical structure of their house, the value of belongings inside the property can also increase significantly during the festive season.
Rajive Kumaraswami, MD & CEO of Chola MS General Insurance, told Business Today that home insurance should cover more than just the building. According to him, adequate protection for valuables and household belongings can help families remain financially prepared for unexpected events during the festive period.
What Does Home Insurance Cover?
Policies such as the Bharat Griha Raksha Policy provide protection for residential buildings and their contents against covered risks, including fire, lightning and natural catastrophes, subject to the applicable policy terms and conditions.
Home contents can include furniture, appliances and other household possessions. Valuable items, including jewellery and precious articles, may also be covered, depending on the declarations, limits and other provisions specified in the policy.
Homeowners should therefore check their policy carefully, particularly if they have recently purchased expensive items.
Diwali Decorations Can Increase Fire Risks
The need to review home protection becomes especially important during Durga Puja and Diwali. Homes are often decorated with diyas, candles, decorative lighting and additional electrical equipment during the festive period.
The use of firecrackers during Diwali can also increase the risk of fire, including situations where sparks or flames affect nearby properties.
For households adding expensive jewellery, electronics, furniture or other possessions, ensuring that the value of these items is adequately covered can be particularly important.
Check Policy Exclusions and Coverage Limits
Having home insurance does not necessarily mean every type of damage or loss will be covered. Policies contain specific exclusions and conditions that policyholders need to understand.
These may include normal wear and tear, gradual deterioration, losses caused by negligence and other circumstances specifically excluded in the policy wording.
Owners of high-value jewellery and other expensive possessions should check whether these items are included under the home contents section. They should also find out whether specific declarations or documents are required and what coverage limits apply.
Keeping purchase invoices, photographs, valuation documents and other proof of ownership can also help establish the value of belongings if a claim needs to be made.
Promptly Report Losses to Support Claims
In case of damage or loss, 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 can help make the claims process smoother.
For families planning significant festive purchases, reviewing the sum insured, checking exclusions and understanding the applicable limits before Durga Puja and Diwali can help reduce the possibility of unexpected financial losses.
Disclaimer: This article is intended for general informational purposes only and does not constitute insurance, financial or legal advice. Coverage, exclusions, limits and claim requirements vary according to the specific policy and its terms and conditions. Policyholders should carefully read their policy documents and consult their insurer or a qualified insurance professional for advice regarding their individual coverage.