• Can you envision existing without a refrigerator? This appliance has become an essential aspect of our daily lives, making it somewhat challenging to imagine life without it. In recent years, the functionality of refrigerators and their features has increased considerably. The costs of the larger or more advanced models have also risen. Therefore, it is crucial to have insurance coverage for a fridge.
• Given that the prices of refrigerators have risen significantly, the expenses to repair or replace them are also considerable. Lacking insurance coverage for a fridge can impact your finances. When such issues arise unexpectedly or coincide with damages to other appliances, it can disrupt your financial objectives.

Here are the specifics regarding insurance coverage for refrigerator damage.

• A key question any homeowner may have is whether or not they require separate insurance coverage for their fridge or if their current homeowner’s insurance is adequate. Your homeowner’s policy does provide coverage for any damages incurred by the refrigerator. However, this is not applicable under all events and conditions. Therefore, it is vital to understand the limits of your policy to determine if it meets your needs or if you require extra coverage.
• Your home insurance policy may or may not cover the repair costs or damages for your refrigerator, depending on the cause of the damage. Home insurance for refrigerators could cover sudden damage to the appliance, which may result from fire, lightning, or a burst pipe.
• Conversely, the policy will exclude damages resulting from normal wear and tear. It also will not extend to damage caused by inadequate or untimely maintenance. Contemporary refrigerators often include water coolers and dispensers, along with ice makers. This can occasionally lead to water leaks that may damage the refrigerator or possibly nearby appliances.
• Your home insurance policy might cover repair costs related to water leaks and damage, depending on the wording and limits of the policy. However, for such incidents, insurance providers will not replace or repair the refrigerator in its entirety.

Why should you purchase home insurance?

Acquiring a home insurance policy is not obligatory, which is one reason it may often be overlooked. Homeowners who protect their homes with a home insurance policy recognize the advantages and benefits that the plan provides. If you are still in doubt about obtaining a home insurance policy, here are some key reasons to consider doing so.
1. Comprehensive protection
When you select the best home insurance policy, you gain comprehensive protection for your residence. The plan will shield your home against natural disasters, including floods, earthquakes, landslides, and cyclones. It also provides coverage against human-caused threats such as strikes, riots, vandalism, and theft.
2. Affordable premiums
Over the last few years, the expenses associated with homeownership have significantly increased. Nevertheless, this is not applicable to home insurance policies. The costs for a comprehensive plan remain reasonable and only rise with additional coverage. If you decide to purchase a home insurance plan alongside your mortgage, you can convert the premium into an EMI, making it even more obtainable.
3. Contents of house
Indeed, a home insurance policy safeguards the house’s structure, but it extends beyond that. It also protects the house’s contents, including valuable electronics, jewelry, and household appliances. Thus, providing you with total peace of mind for both the house’s structure and its contents.
4. Tenure
An additional advantage of acquiring a home insurance policy is the flexibility in its duration. You can choose either an annual plan and renew it each year or select a multi-year plan to avoid renewal hassles. There is also flexibility in the payment schedule of the policy, with choices to pay annually, semi-annually, quarterly, or monthly.
5. Flexibility
Both property owners and tenants can take advantage of a home insurance plan, enhancing its accessibility and flexibility.

Here are some standard coverages of a home insurance plan

When you opt to purchase a home insurance plan, you will gain access to some of the following features.
1. Theft
The plan protects against any theft or burglary attempts on your property. Therefore, it provides financial security in case of a loss.
2. Natural calamities
Natural disasters such as cyclones, earthquakes, landslides, and floods can cause severe damage and significant financial risk. A home insurance policy will offer protection against natural calamities, safeguarding both your home and your finances.

3. Fire
Accidents related to fire are not only frequent but can lead to considerable damage, both mentally and financially. A homeowners insurance policy can protect you and the possessions within the house from such incidents. This will assist you in reconstructing the house without having to be concerned about costs.

4. Electrical breakdowns
The finest homeowners insurance policy will also provide you with coverage against electrical malfunctions of appliances. The policy will guarantee that the unexpected costs arising from electrical issues are adequately covered.

5. Add-ons
With a broad array of add-ons available, you can further bolster the protection provided by your homeowners insurance policy. You can opt for extra coverage for household contents, including jewellery, air conditioner, refrigerator, TV, and other valuable electronic devices. Home insurance for refrigerators serves as a prime example of a wise add-on choice.

Conclusion

A typical homeowners insurance plan will provide coverage for a fridge and other electronic devices, provided they are specified. Conversely, if preferred, you can specifically select add-ons to insure all electronic items present in the home. Protecting your home’s contents by paying a nominal premium will assist in saving money over time and shielding you from unforeseen events.

FAQ
1. Can I change the sum insured by my home insurance policy?
Yes, you can raise the sum insured by your home insurance policy, but lowering it is not an option.

2. Do I need an FIR for filing a claim?
Yes. You will require a copy of the FIR if the damages are a result of theft, burglary, or fire. This must be included with other documents for the claim.

3. How long does it take to settle a claim?
Typically, it takes around thirty days to resolve a claim from the date when all required documents are submitted.

Disclaimer: The information provided above is for illustrative purposes only. For more details, please consult the policy wordings and prospectus before finalizing the sale.