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:
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:
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.
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