India's Policybazaar warns on Diwali fire risks, highlights home insurance
Ahead of Diwali, Policybazaar's Ashwini Dubey advises Indian homeowners to review their insurance against fire damage, with premiums starting at ₹18 monthly.
Diwali Risks Prompt Insurance Review
As India anticipates Diwali celebrations, the festive period typically sees an elevated risk of accidental fires across the country. Common causes include traditional oil lamps (diyas), decorative candles, firecrackers, and electrical faults.
Home insurance policies offer crucial financial protection against unforeseen property damage and the loss of household belongings during such incidents. While a policy cannot prevent these events, it significantly aids in managing the financial burden associated with necessary repairs and replacements.
Policy Coverage and Costs
Indian home insurance policies, with premiums beginning at ₹18 per month, typically cover structural damage and household contents due to fire. Ashwini Dubey, Business Head of Home Insurance at Policybazaar, noted that some policies extend coverage to include expenses like temporary accommodation or loss of rent if a home becomes uninhabitable. Policyholders must scrutinise coverage limits, exclusions, and claim settlement conditions, as these vary by insurer.
Exclusions and Additional Covers
Certain scenarios are commonly excluded from fire coverage, such as damage resulting from careless placement of diyas, candles, or firecrackers, as well as deliberate acts. Mr Dubey highlighted that building insurance in housing societies often excludes personal belongings, making separate contents insurance advisable.
For personal injuries sustained in a fire, medical expenses are covered only if a personal accident add-on was purchased with the home insurance policy.
To file a claim, homeowners generally need to submit photographs or videos of the damage, a policy copy, proof of ownership for damaged items, and a completed claim form. Insurers may also request fire brigade or police reports, depending on the incident's nature. Ensuring the policy is registered in the property owner's name, matching government records, is also vital.
For India's insurance market, this period could see increased demand for new policies and add-ons, driving short-term revenue for providers like Policybazaar.
This article is journalism, not investment advice; consult a licensed professional before making financial decisions. Market data is indicative, may be delayed, and should be verified with your broker or exchange before use.
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