Will your home be left empty this Diwali? Find out from experts what is covered under home insurance..
During Diwali, many people leave their homes vacant to go on vacations with their families, visit relatives, or travel to their hometowns. Amidst the hustle of booking tickets, packing, and preparing for the journey, it is crucial not to overlook home security. A house left unoccupied for several days is at risk of incidents such as theft, fires, electrical faults, or water leaks. Therefore, it is wise to take certain necessary precautions before locking up and heading out.
Beyond physical security, it is also important to understand how home insurance can be useful in the event of an untoward incident. People often associate insurance primarily with health, life, or vehicles; however, insuring your home and its contents is a vital component of financial security. According to a report by the National Crime Records Bureau (NCRB), 3,585 fire incidents in residential buildings were recorded across the country in 2024. Notably, 60.4% of all fire-related fatalities occurred in residential buildings. Given this, it is essential to assess both home security and insurance coverage before setting off for your Diwali travels.
Check your home insurance policy
According to Shivendra Pancholi, Executive Director (ED) at Coverfox, home insurance can provide protection against fire, theft, and certain types of accidental damage. However, the scope of coverage varies from policy to policy. Homeowners should verify whether their insurance covers only the building structure or if it also includes household belongings. Tenants, too, should consider insuring their personal possessions, as the landlord’s building insurance policy typically does not cover a tenant's private property.
Maintain a list and records of valuables
Keep photographs, bills, and records of items such as televisions, laptops, expensive electronic goods, jewelry, and other valuables in a safe place. In the event of theft or damage, these documents can assist in identifying the items and substantiating their value during an insurance claim process. Also, check whether separate coverage is required for high-value items.
Make home security a part of your financial plan.
In FY 2024-25, the total insurance penetration in India stood at 3.7%—comprising 2.7% for life insurance and 1% for non-life insurance. While these figures are not specific to home insurance, they underscore the need to expand insurance coverage and raise awareness across the country. Reviewing home security and insurance coverage before heading out for Diwali travels can help alleviate unnecessary worry. While insurance cannot prevent an untoward incident, having the right policy can help reduce the financial burden of any resulting losses.
Disclaimer: This content has been sourced and edited from News18 Hindi. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
