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The Safety Net of Insurance for festivals - Mint

17 November, 2010

The festive season and splendour of Diwali brings to mind beautifully decorated and illuminated homes sparkling with diyas, stores full of exciting new merchandise beckoning eager shoppers with exciting offers, with the silence being frequently broken by the chirpy sounds of fire crackers.

Occasionally we are saddened to read about unfortunate and unnecessary casualties in this otherwise festive and happy season as safety has been overlooked. It is a pity that the most common reason for many accidents is mere negligence which can be easily avoided with careful checks and balances. But however careful one may be, you do not have absolute control on every situation every time. Accidents are beyond one's control by virtue of uncertainty, and hence it's best to secure your assets with insurance to tide over the resultant loss.

Most customers get swayed by attractive sales each season and shop lavishly for everything under the sun, be it, clothes, jewellery, electrical & electronic appliances. Low prices lure people to compromise on the quality of the products. Take for an example when you buy a string of fairy lights for your home, you consider several product and aesthetic features to make the purchase? Design and colour! But how many check the ISI standard mark on the same? Cheap quality electrical articles are fraught with high risk of sparking and short circuiting which in turn heighten the vulnerability of existing appliances in our homes. Majority of the fire cases reported are due to mishandling of firecrackers the impact of which can be fatal and may extend the misfortune even to the neighbourhood.

Another common mishap during this time is theft and burglary. The eventualities happen because of over confidence and carelessness. Picture this common scenario on a Diwali evening, when the neighbourhood comes together to burn crackers within local residential associations and societies. These are occasions when the house doors are either not shut properly in a hurry or left open deliberately as a gesture to welcome Goddess Lakshmi.

Home Plan: Prudent home insurance safeguards household articles by risks such as fire, burglary, natural calamity like earthquake, flood, storms and break down of appliances. The insurance coverage extends to furniture, fixtures, clothing, carpet, linen, electrical items like refrigerators, air conditioners, washing machines, DVD players, television sets, tape recorders and electronic items like computers. It is also applicable for jewellery either kept in the house or worn by family members.  You can choose a policy where individual item and values need to be declared or a pre fixed plan where items and sum insured's are pre defined.

Customised Plan: If you are looking for a customised policy, a meticulous list is advised while declaring household items. Care should be taken in declaring additional assets during the policy period and reviewing the sum insured accordingly at the time of renewal. It would be a good idea to preserve the bills of contents purchased which can help you to substantiate your claim, should the need arise.

Valuable add ons for sports equipments, ornamental trees & shrubs, sauna and spa equipments are also available for a wider coverage and protection.

While there is no substitute of cautious approach, it is worthwhile to be protected under a safety blanket that insurance provides. It is vital to provide for protecting our homes and property as much as we do for life as these are also one time investments in our life.