Durga Puja, Diwali spending raises home insurance concerns as families buy gold, jewellery, valuables

As households gear up for Durga Puja, Diwali and other festive celebrations, rising purchases of gold, jewellery, home décor, electronics and other valuables are putting the spotlight on the need for adequate home insurance protection. Insurers are urging families to review their coverage to ensure that both their homes and the contents within them are adequately protected against unforeseen events.

The festive season often sees households add higher-value possessions, from jewellery and precious articles to new appliances, furniture and decorative items. While homeowners generally focus on protecting the physical structure of their property, the value of belongings inside the home can also rise substantially during this period.

Rajive Kumaraswami, MD & CEO, Chola MS General Insurance, told Business Today that insurance protection should extend beyond the physical structure of a home to the valuables and belongings kept inside it. Adequate coverage, he said, can provide greater financial preparedness and peace of mind as families celebrate the festive season.

What home insurance can cover

Products such as the Bharat Griha Raksha Policy provide protection for residential buildings and their contents against insured risks, including fire, lightning and natural catastrophes, subject to policy terms and conditions. Home contents can include household belongings, furniture and appliances, while valuable items such as jewellery and precious articles may also be covered, subject to applicable declarations, limits and policy provisions.

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Diwali decorations, firecrackers add to fire risks

The need for adequate protection becomes particularly relevant around Durga Puja and Diwali, when homes are often decorated extensively and families may use diyas, candles, decorative lights and additional electrical equipment. Firecrackers during Diwali can also increase fire-related risks, including where sparks or flames affect nearby properties.

Policy exclusions need attention

However, policyholders should understand the scope of their coverage instead of assuming that every loss will automatically be reimbursed. Home insurance policies typically contain exclusions, which may include normal wear and tear, gradual deterioration, losses arising from negligence and other incidents specifically excluded under the policy wording.

For high-value possessions such as jewellery, policyholders should check whether the items are covered under the home contents section, whether specific declarations or documentation are required and what limits apply. Maintaining invoices, photographs, valuation records and other ownership documents can help establish the value of possessions during the claims process.

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Prompt claims can smooth the process

In the event of a loss, Chola MS said customers can register claims through its website, mobile application, customer service channels or insurance intermediaries. Promptly reporting an incident and providing supporting documents wherever applicable can help facilitate a smoother claims experience.

For households making substantial festive purchases, reviewing the sum insured, understanding exclusions and checking coverage limits before Durga Puja and Diwali can help prevent financial surprises and allow families to celebrate with greater confidence.

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