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Why You Should Insure your Household Goods?

We often discuss our dream home, and the money required in building one. But what good is this investment if we do not protect it? We usually overlook the necessity of protecting our household goods that go into creating a good home. It is only when we suffer a loss of such assets we realize the importance of home insurance. But not all home insurance policies cover everything. Hence, it is advised to study the policy documents carefully before buying one.

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What follows is a list of possible situations that can result in damage – even permanent – of your household appliances and white goods:

1. White Goods Damaged by Power Fluctuation

A sudden surge in power can damage your television, air conditioner or refrigerator. It can even lead to a huge loss and therefore you need to be prepared beforehand as a lot of insurers do not cover such damage. Electrical equipments can be covered by insurance if destroyed by fire caused due to power fluctuation or short circuit (fire not caused by any wilful negligence).

There are some home insurance companies that cover mechanical and electrical breakdown of equipments not more than 10 years old.

Home insurance

2. Robbed of your Assets

You don’t need to worry about losing your goods to burglars if you have the right home insurance policy. You can insure your valuables, such as jewellery and gadgets, against such events as burglary and robbery. In cases of theft, you have to file a First Information Report (FIR) for the stolen goods before filing for a claim. But your claim might be rejected if the culprit turns out to be a domestic help or a relative.  

However, there are insurance policies that cover incidences of theft irrespective of your relationship with the culprit.

3. Natural Calamities Destroying Assets

Damages caused to goods by natural calamities (such as  cyclone, flood, storm, and typhoon) are always compensated under the home insurance policy. However, the extent and type of damage varies in every situation.

The relevant authority of your area is required to declare the type of natural calamity that occurred for a quick approval of your claim. Your householder’s policy covers damage of house due to collapse of man-made structure or uprooting of a pole or tree, etc. But, instances of damage caused by rain water are not covered by the insurance company unless the authorities deem them as floods.

4. Honey our LED TV Broke!

Sorry, but it’s time to worry. Your home insurance policy covers the damage caused to household goods but carelessness is not forgiven! Claims for goods destroyed due to personal carelessness are rejected. Bear in mind that the policy covers goods against risks of burglary, fire, earthquake, etc. but not wilful damage or recklessness.

Home insurance

Today, companies offer numerous home insurance policies that provide wide coverage-

  • Reimbursement of goods repair cost
  • Compensation for total damage, subject to depreciation
  • Electrical and mechanical failure of electronic items
  • Accidental damage of equipment including the audio-video gadgets

Before finalizing an insurance policy, it is imperative that you read the policy documents carefully for understanding the terms and conditions. The indemnity cover cannot be availed without depositing the compulsory deductions that can be 5%, or some defined percentage of the claim amount, or Rs. 2,000-20,000. In some cases, there might be some depreciation in the deductible depending upon the age of the gadget.

Say bye to your worries by opting for the assets protection cover of home insurance plans!

Written By: PolicyBazaar - Updated: 28 March 2024
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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Reviews & Ratings

4.4 / 5 (Based on 120 Reviews)
(Showing Newest 10 reviews)
Bokaro, July 26, 2022
Coverage for natural calamity
I was looking for an insurance policy that provides me coverage for natural calamity. Since my house is located near a river and it floods my area in the rainy season. So i went on the Policybazaar website and particularly look for this coverage found the exact plan that provides this coverage.
Bilaspur, July 26, 2022
Premium Calculation
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Bikaner, July 26, 2022
Natural Calamity cover
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Amritsar, July 26, 2022
Enough coverage
I was looking for a home insurance plan online. I was fed up as i have to visit different websites to look for a single suitable insurance plan. However, i stumbbled upon Policybazaar website where i was able to find the right insurance plan that could provide me enough coverage.
Bareilly, July 26, 2022
Nice customer service
I wanted to purchase a home insurance policy and a friend of mine suggested to purchase it from Policybazaar. I bought the policy and after that i had a confusion regarding exclusions so i called up Policybazaar customer care and they cleared out the confusion and i loved their customer service.
Ajmer, July 26, 2022
Qiuck claim
I purchased a home insurance policy recently. However, due to a natural calamity, my house was damaged as the pressure of the water because of flood broke the enterance door of my house. But the insurance plan that i bought got me covered and i as able to get the quickest claim possible.
Delhi, July 26, 2022
Natural calamities covered
I bought a home insurance policy recently. As i live near a river and in the rainy season, my area gets flooded so in order to protect my house and its contents, i purchased the insurance to get coverage for such natual calamities and i am tension free now.
Kolkata, July 26, 2022
Wide coverage
The home insurance plan that i purchased from policybazaar's website is a great plan that provides me coverage for not only the structure but also cover several expensive content of the home such as paintings, mobile phones, laptops, television, etc.
Ahmedabad, July 26, 2022
Suitable insurance plan
I purchased the group health insurance policy from Policybazaar website. First of all, i did not have to wander much online while lookig for a home insurance plan that fits my requirement and i found the suitbale home insurance plan by comparing different plans on the website.
Amritsar, June 09, 2022
Natural calamities covered
I bought a home insurance policy recently. As i live near a river and in the rainy season, my area gets flooded so in order to protect my house and its contents, i purchased the insurance to get coverage for such natual calamities and i am tension-free now.
  • Disclaimers+

    #Savings of 28% are based on the comparison between the highest and lowest premiums for a pucca building with sum insured of >₹ 1 crore at Delhi, for property age less than 5 years and policy term of 11 years.