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Insurance Article

Have You Protected Your Dream Home Against Fire Accidents?

June 15 2018
Home Insurance Policy

An accidental fire can destroy your dream home, and along with it, your investment of a lifetime can be reduced to ashes

According to the data released by the National Crime Records Bureau (NCRB), the number of cases pertaining to fire accidents were 18,450 in 2015 (data for 2016-2017 not yet available). In these accidents 17,700 people lost their lives, and what makes this statistic a glaring one is the fact that, when compared to a year earlier, more people have died in fewer fires.

Apart from claiming thousands of lives, people incurred huge economic losses on account of fire related accidents. In a very recent incident in the heart of Mumbai, a high-rise building where film actor Deepika Padukone resides, caught fire which was contained after five hours. It was the third major fire incident in Mumbai this month.

An estimate from the reports of major insurance companies in India indicates that 45% of the claims are due to fire losses. According to another estimate, approximately ₹1,000 crores are lost every year due to fire. The Fire Risk Survey (FRS) carried out by Pinkerton and Federation of Indian Chambers and Industry, revealed that fire accounted for 8.45% in overall ranking of risks. It also stated that fires have been rated as 5th highest risk in the industry.

While it may not be in your hands to control fire accidents, you can protect your homes and belongings from getting burnt with a valid home insurance policy. Insurance coverage is a financial tool that can provide protection against the losses incurred due to unexpected calamities like fire, theft, earthquake, storm etc.

Why You Should Buy a Home Insurance Policy?

A disaster can strike anytime. Sometimes, it may be beyond your capability to control calamities like fire which can engulf your whole house in flames. It takes years of savings and lot of efforts to build a house where you create a million memories. The most painful sight in the world could be to see your home and all your belongings turn to ashes.

A comprehensive home insurance policy covers your dream house and its belongings against such disasters. It helps in covering the cost of repair, replacement, or reconstruction of property against the damages caused by covered perils. Apart from the structure of your house, it also covers the contents of your home like domestic appliances, furniture, jewellery and others from damage or destruction.

If you are forced to shift to an alternate accommodation because of your house becoming uninhabitable, then your policy will bear additional rent expenses, until your home gets rebuilt or renovated.

Calamities Covered Under Home Insurance Policy

Apart from fire accidents, a comprehensive home insurance policy covers your house from damage against natural or man-made calamities like:

  • Lightning
  • Earthquake
  • Volcanic eruption
  • Storm, cyclone, typhoon, tempest, hurricane, tornado, floods or inundation
  • Impact damage and aircraft damage
  • Explosion/ Implosion
  • Riots, strike, terrorism or any malicious damage
  • Landslides and rockslides
  • Bursting or overflowing of water tanks, apparatus or pipes
  • Missile testing operations
  • Leakage from automatic sprinkler installations
  • Theft, burglary or housebreaking

Other Features & Benefits of the Policy

10 Year Long Structure Cover

You can get your house structure protected against damages or destruction with coverage of up to 10 years. In addition to this, home insurance plans, also give you the option of both house structure and content cover for up to 5 years.

By buying a long-term policy, you don’t have to renew your home insurance policy every year in order to stay protected against disaster. It is a cost-effective and hassle-free way of staying insured.

Instant Online Policy, No Inspection Required

You can apply for home insurance online and get instant policy by sharing few basic details and required documents. Also, there is no inspection required of your house and it’s a hassle-free way to ensure peace of mind knowing that your house and other assets are protected against any threats or perils.

Makes it Easier to Avail Home Loans

Banks and other financial institutions often give preference for sanctioning a home loan to those who have their home insured. You may need home loans for buying a new home or renovating your old home and your home insurance might help you in getting one.

Hence, a home insurance policy is a must to protect your dream home against any damages that may be caused by natural or man-made disasters. A nominal premium amount may safeguard your years of finances from being blown away in smoke.

Related Article:

How to Protect Your Home While on Vacation
How to Prepare Your Home for Natural Disasters

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