Is Insurance Coverage for Fridge Included in Plans?

Posted on: Nov 29, 2024 | 3 mins | Written by: HDFC ERGO Team

Is Insurance Coverage for Fridge Included in Plans?

Can you imagine living a life without a refrigerator? The appliance has become such a crucial part of our lives, and it can get a bit difficult to comprehend life without it. Over the past few years, the usability of refrigerators and their capabilities have also increased significantly. And so have the prices of the capable or larger ones. Making it important to have insurance coverage for fridge.

Since the price of refrigerators has gone up considerably, the cost to replace or repair is also significant. Not having insurance coverage for fridge can put a dent in your finances. And when it happens at an unexpected time or along with damages to other appliances, it can offset your financial goals.

Here are the details regarding insurance coverage for damage to a refrigerator

The primary question that any homeowner might have, is whether or not they need separate insurance coverage for fridge. Or if their existing homeowner’s insurance will suffice. Your homeowner’s policy does offer coverage for any damages to the refrigerator. However, not under all circumstances and conditions. Thus, it is important to know the limits of the policy, to explore whether that is what you are looking for, or if you might need additional coverage.

Your home insurance policy might or might not cover the damage or repair bills for your refrigerator, depending on how the damage was caused. Home insurance for refrigerators might cover any sudden damage to the appliance that can be caused by fire, lightning or a burst pipe.

On the other hand, the policy will not cover any damages that are due to natural wear and tear. It would also not cover any damage that is caused due to the lack of adequate or timely maintenance. Modern refrigerators come with water coolers and dispensers, as well as ice makers. This can at times lead to water leaks and result in damaging the refrigerator or at times even surrounding appliances.

Your home insurance policy might cover the repairs related to water leaks and damages, depending on the policy wording and limits. However, for such occurrences, insurance providers will not replace or repair the entire refrigerator.

Why should you buy home insurance?

Buying a home insurance policy is not mandatory and it is one of the reasons why it can go under the radar. Homeowners who secure their house with a home insurance policy, are aware of the perks and benefits that the plan brings to the table. If you are still contemplating getting a home insurance policy, here are some prominent reasons to do so.

1. All round protection

When you buy the best home insurance policy, you get access to all-round protection for your home. The plan will safeguard your home against natural calamities such as floods, earthquakes, landslides, cyclones etc. It also offers protection against man-made perils such as strikes, riots, vandalism, theft, etc.

2. Reasonable premiums

Over the past few years, the cost of ownership of houses has gone up several notches. However, the same isn’t true for home insurance policies. The premiums are affordable for a comprehensive plan and they only go higher, depending on additional coverage. Should you choose to buy a home insurance plan along with your mortgage, you can convert the premium into an EMI, making it even more accessible.

3. Contents of house

Yes, a home insurance policy covers damages to the structure of the house but it just doesn’t end there. It also offers protection for the contents of the house, such as expensive electronics, jewellery and household appliances. Thereby offering you complete peace of mind for both the structure as well as contents of the house.

4. Tenure

Another perk of buying a home insurance policy is the flexibility of its term. You can either opt for an annual plan and renew it every year or opt for a multi-year plan and eliminate the hassle of renewal. You also get flexibility with the payment schedule of the policy with options to pay annually, half-yearly, quarterly or monthly.

5. Flexibility

Both owners and tenants of a property can opt for a home insurance plan, making it even more accessible and flexible.

Here are some standard coverages of a home insurance plan

When you choose to buy a home insurance plan, you will get access to some of the following features.

1. Theft

The plan offers protection against any theft or burglary attempts on your house. Thus, providing financial safety in the event of a loss.

2. Natural calamities

Natural calamities such as cyclones, earthquakes, landslides and floods can not only create havoc but also cause a significant amount of financial peril. A home insurance policy will give you protection against natural calamities, safeguarding both your house and your finances.

3. Fire

Fire-related accidents are not only common but can cause a significant amount of damage, both psychologically and financially. A home insurance policy can safeguard you and the contents of the house against such accidents. Thereby helping you rebuild the house without having to worry about expenses.

4. Electrical breakdowns

The best home insurance policy will also offer you protection against electrical breakdown of appliances. The plan will ensure that the sudden expenses that arise out of electrical breakdowns are well taken care of.

5. Add-ons

With an extensive list of add-ons available, you can further enhance the protection on offer for your home insurance plan. You can choose additional coverage for contents of the house, such as jewellery, air conditioner, refrigerator, TV and other expensive electronic equipment. Home insurance for refrigerators is a good example of a sensible add-on option.

Conclusion

A standard home insurance plan will offer insurance coverage for fridge and other electronic appliances, as long as they are outlined. On the other hand, if you want, you can exclusively choose add-ons to cover all the electronic items in the house. Securing the contents of your house by paying a small premium will help you save money in the long run and safeguard you against unforced circumstances.

FAQ

1. Can I change the sum insured by my home insurance policy?

Yes, you can increase the sum insured by your home insurance policy, but you cannot reduce the same.

2. Do I need an FIR for filing a claim?

Yes. You’ll need a copy of the FIR if the damages are due to theft, burglary or fire. You must submit it along with the other documents for the claim.

3. How long does it take to settle a claim?

It usually takes about thirty days to settle a claim from the date of submission of all the necessary documents.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

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