If one were to think about the rent life, it would truly be great. You could move around as you please, with no house ownership stresses. What if the flat-screen TV just gets fried one day in a fire or someone slips from your wet floor? That’s where the renter’s insurance steps in as your guardian angel against surprise financial punches. Don’t fall into the king-sized mistake of thinking your landlord has got your back. Typically, his insurance only covers the building—not the clothes, furniture, and all other lovable objects you possess. Let’s understand the rental insurance benefits for you as a tenant.
Why get a Renter’s Insurance is Important?
Here is a breakdown of why renter’s insurance can be a wise move for any tenant:
· Peace of Mind: Knowing you have insurance cover in case of fire, theft, or vandalism gives you great comfort. You are at peace and enjoy your rental space without the constant fear of monetary loss.
· Covers More than just Stuff: It’s not just about covering stuff; it covers so much more—including liability. If someone gets hurt in your apartment and sues you, your insurance can help cover legal fees and medical expenses.
· Additional Living Expenses: Imagine a fire making your apartment uninhabitable. Renter’s insurance can also be used for paying living expenses while your apartment is being repaired.
· Affordability: Generally, renter’s insurance is very inexpensive and costs less than a cup of coffee per day. However, this is quite a small amount to pay for buying some sort of consumer protection of significant monetary value.
What Does Renter’s Insurance Cover?
A standard renter’s insurance policy would cover the following:
· Personal Property: This would include your furniture, electronics, clothing, and other personal possessions against damage or loss due to fire, theft, vandalism, and any other risk that may be covered.
· Liability Coverage: This would cover you in case of a lawsuit if somebody gets hurt inside your apartment. It can provide for medical expenses, litigations, or even settlements.
· Additional Living Expenses: This coverage caters to temporary housing arrangements and other living expenses in case the apartment becomes uninhabitable due to a covered loss.
· Natural Calamities: While most of the Western policies do not include damages caused by natural disasters common in India like floods, earthquakes, and cyclones, the Indian rented insurance usually does.
· Public Liability: This has greater significance in India. There will be crowding in whatever form the living place may be. Now, if a loose tile or faulty wiring hurts your visitor in your rented space, your insurance will help compensate for his medical care.
· Tenant Riots & Strikes: Some Indian policies cover damages resulting from riots or strikes. This would provide financial protection in such unforeseen circumstances.
· Content Settlement: In the case of a covered event, some insurers offer a depreciation value for damaged belongings, considering their age and condition. This helps to get a fairer settlement for your losses.
Top Affordable Renter’s Insurance Options Providers in India
1. The Oriental Insurance Company
2. The National Insurance Company
3. HDFC Ergo General Insurance
4. Bajaj Allianz General Insurance
5. ICICI Lombard General Insurance
Remember that you must obtain quotes with the intent to buy insurance to get the maximum coverage at the lowest possible cost.
PS: Do your research to find the best plan for you.
Finding the Perfect Rental Property – Real Estate Dekho
Now, equipped with the knowledge of renter’s insurance importance, it’s time to find that dream rental! Real Estate Dekho is your one-stop shop for searching for the perfect rental property.So, what are you waiting for? Protect your valuables with renter’s insurance and find your perfect rental nest with Real Estate Dekho. Live the rent life with confidence and peace of mind!
