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Jan 29, 2019

What is the Importance of Home Insurance for Renters?

Bajaj Allianz Home Insurance

Renters insurance in India is not a very popular concept because not many people know about it & many of them ignore to buy it despite knowing about it. In India, tenants either occupy the whole house or share the accommodation with some other people. Also, this accommodation is temporary and so people do not buy a home insurance in order to avoid an additional expense.

However, what people fail to understand is that a home insurance policy is not only beneficial for landlords but it's also useful for the renters. Let us understand the importance of home insurance for renters.

Importance of Home Insurance for Renters

The owners of your house will definitely have a home owners insurance plan. But this insurance will cover only the structure of the house. Your landlord's insurance will not cover the contents of the house that belong to you. Your furniture, electronic items, jewellery, kitchen items, clothing and personal belongings are not covered under your landlord's insurance.

Secondly, if you accidentally damage to the house you live in as a renter, you might have to bear the expenses of the repair. Again, your landlord's insurance will not cover these expenses and you might have to pay for its repair/replacement from your pocket if you do not have a home insurance.

Thus, there are two most important coverages that tenants need to have and which an adequate home insurance can provide:

  • Coverage for the contents : Your assets are your responsibility. Whether you live in your own house or in a rented house, securing the contents of the house is your duty. Incidents such as theft, burglary, fire can lead to the loss or damage to the contents of the house. Having a home insurance policy can help you with the financial aid that you might need in case of such perils.
  • Liability coverage : If there is an accidental damage done to the structure of the house by you such as accidental fire while cooking, then having liability coverage can secure your finances which will be needed for the repair and refurbishing of the house.

Besides this, there are a few add-on covers that can provide you a more extensive coverage for your rented accommodation.

Add-on covers with My Home Insurance Policy

At Bajaj Allianz, we offer add-on covers with our My Home Insurance Policy, which can provide additional coverage to your contents. Some of the useful add-on covers for the renters are:

  • Key and Lock Replacement cover : This cover can reimburse you the amount you spend on the locksmith for getting the new keys made for your home or vehicle in case they gets stolen.
  • ATM withdrawal Robbery cover : In case you get robbed right after you withdraw money from an ATM, you can get the whole amount reimbursed with the help of this cover.
  • Lost Wallet cover : If your wallet gets stolen or it gets lost, then the replacement cost for the same along with the cost of its contents (cards and important documents) will be reimbursed to you if you opt to buy this add-on cover.
  • Dog Insurance cover : If your dog expires due to some disease contracted in the policy period or due to an accident, then a fixed amount is paid to you by our home insurance policy.
  • Public Liability cover : If you get injured while living in your rented house or if there is any property damage, the cost of the expenses related to the same will be compensated for the same.

We understand that even if you live in a temporary accommodation, the contents that you own are permanent and expensive. It is in your best interest that you have an appropriate insurance plan to cover these precious assets that belong to you.

Visit our website and know the complete details about the various home insurance plans. You can also use our home insurance calculator to find the cost of premium that you need to pay.


I hereby authorize Bajaj Allianz General Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back at a convenient time. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) under either Fully or Partially Blocked category, any call made or SMS sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business. Furthermore, I understand that these calls will be recorded & monitored for quality & training purposes, and may be made available to me if required.

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