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Why Home Insurance is Necessary Incase of a Fire?

By Finserv MARKETS - Dec 31,2019
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Home Insurance Against Fire

According to the India Risk Survey 2018, fire is one of the major risks which pose a threat to lives in India. The first two risks are – information and cyber security and natural hazards. Let us try to understand why fire hazards have increased manifold in India and how grave the threat really is to Indian lives and property.

  1. Fire major contributor to accidental deaths:

The Accidental Deaths and Suicides in India (ADSI) survey, 2015, revealed that around 17, 700 Indians died of accidental fire in that year. This means 48 people died per day in fire incidents due to lack of preparedness.

  1. Rise in deaths due to fire in residential buildings:

The ADSI survey also revealed that there has been a 100% rise in fire accidents in residential buildings over the past few years. There were 7,493 case of fire outbreaks in residential buildings as compared to 3,736 in 2014.

  1. Lack of necessary infrastructure:

What further complicates the situation is lack of infrastructure to handle accidental fires. As per the figures quoted by the Ministry of home affairs in the Parliament recently, India needs 65% more fire stations than the current figure of over 3000.

  1. Poor safety norms:

In India, compliance to fire safety norms is not very stringent. The fire safety department’s approval is needed to get the occupancy certificate of a newly constructed building. After which, neither the building residents nor the fire department follows up on fire safety regulations. New rises are often seen flouting fire safety norms openly and the matter only ends up coming to light when there is a major fire accident. Media reports suggest that most high rises have a fire extinguisher in the name of safety. But there is no provision for fire escapes or any other alternative.

  1. Surviving an accidental fire is expensive:

Substances used in fire-fighting to douse fire like water, foam, sand,etc., often destroy the property in the house. It becomes quite expensive for the homeowner to repair the home appliances like television, refrigerator, electrical fittings etc. One also needs to spend more money on buying and refurbishing damaged furniture and furnishings.

Such factors make a compelling case for financially securing your home and valuables. Start. Despite the urgent need for home insurance, the home insurance penetration rate is India is dismal, to say the least. A meagre 3% of Indian homes are insured. When compared to the penetration rate in foreign countries, the statistics are really jarring. Countries like UK, US, Australia, France and China boast of a home insurance penetration rate in the 90-97% range.

Home insurance really is the need of the hour. The best way to go about doing this is to buy a home insurance policy on Finserv MARKETS. The home insurance policy available on Finserv MARKETS secures your property and its contents against incidences of fire. If you experience an incident of fire in your home, the policy will provide you with the cost of reconstruction/repairs and compensate you adequately to make a fresh start.

You can customize your policy on Finserv MARKETS, as per your individual needs. For instance, you can choose whether to ensure both the structure of your house and your household articles. Fire can cause severe damage to both, so it would generally be in your best interests to secure both. Many policies also cover jewelry, artwork and other valuable contents which get damaged in fire. You can also select flexible tenures for your policy, ranging from a minimum of 3 months to a maximum of 20 years.

The Bajaj Allianz Home Insurance policy, available on the Finserv MARKETS can be bought by homeowners, landlords and even the tenants of a rented house. As per your ownership role, you can tailor your plan to meet your needs. The policy provides comprehensive coverage to your home and financial security from fire as well as other catastrophes such as natural calamities, man-made disasters and impact damage. The policy also covers financial damages caused due to bush fires.

Availing the home insurance policy on Finserv MARKETS is a smooth, simple process and is completely hassle-free. You are required to provide minimum documentation and the claims settlement process takes a matter of minutes.

Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522