Anyone can lose or incur damage to property not only during a fire. A break-in, a water leakage, a simple act of vandalism can all endanger your furniture, valued paintings, jewellery and other personal property.
For that reason, providers ensure that a home contents policy does not only provide financial protection during a fire, but also during other forms of perils such as earthquake, storm, flood, theft, riot or civil commotion, malicious acts, collision by vehicles or animals.
"Insurance itself means providing yourself against the unforeseen risk which can be life, motor, medical, property and belongings," says Anand Majmudar of Gargash Insurance.
"We do have storms, we do have thefts and, of course, we all occasionally lose or break valuable personal belongings. While home insurance cannot stop these things from happening, it can provide financial compensation when they do. It is especially important in the event of significant damages such as a kitchen fire or a water leak," adds Niall Husbands of HSBC.
And even when you move to a new place or hire a domestic help, a home policy can provide some protection. David Harris of Royal and Sun Alliance Insurance says the home contents are covered even while moving or relocating house within the same city. One can also avail of optional covers on added premium for loss of official documents like passports and workmen's compensation for a domestic worker.
According to Gargash Insurance, a home policy can insure contents and personal belongings that may be destroyed or damaged due to:
- Fire, explosion, lightning or quake
- Smoke
- Storm and flood
- Riot, civil commotion, strikes, labour disturbances
- Malicious persons or vandals
- Collision by vehicles or animals or aircraft or other aerial devices or articles dropped from them
- Escape of water from water tanks, or fixed heating installation
