Ensure To Insure The Renter

The Covid vaccine roll-out is a source of relief for many. Companies are returning to a normal work atmosphere, and the economy is set to revive. However, a few precautionary measures still need to be taken. A few companies have enabled their employees to work from home until December 2021. As cities like Bangalore, Hyderabad, Delhi, and Mumbai have a floating population, residents have gone back to their hometowns to be with their families. However, leaving a rented apartment unattended is risky. Incidents like theft, fire due to short circuits, etc., can damage the contents of your home, leading to financial losses. 

A renters’ insurance enables an individual to secure the contents of a rented property from a loss that occurs due to theft, fire, or other unforeseen damage. It can be availed of for an apartment,  a villa, or any other kind of rented home.  More often than not, one does not consider availing a renter’s insurance since renting a house is a temporary situation. Property insurance, which is availed of by the landlord, often only covers the building structure and not the belongings of the tenants. It is what makes renters’ insurance so important.  

While apartments and most residential complexes today may have security guards and other safety measures, mishaps are unpredictable. It is better to be safe than sorry, especially under these circumstances. 

So, what is covered under renters’ insurance? 

• All electronics (the television, refrigerator, music systems, etc.) 

• Bulk items (clothing, décor, etc.) 

• Jewellery  

• Furniture 

• Other personal belongings that one may declare.

Renters’ insurance provides:

• Coverage against burglary: Renters’ insurance covers any loss of contents in the rented property due to theft. Hence, one can declare the valuables for which you wish to seek coverage while applying for home insurance. It will help you claim the cost of replacement in the event of a burglary.

• Coverage against fire: Fire is dreadful and can lead to plenty of damage and losses to both your home and your belongings. A renter’s insurance policy will be there for you in such unfortunate situations

• Coverage against accidents: One may incur losses due to a fire in the house owing to short circuits or even from laptops being left on the bed for too long. At times like these, renters’ insurance will cover the belongings in the house. 

• Coverage against natural disasters: One never knows what nature has in store for us. For, instance the recent incidents of floods in Kerala, Hyderabad, etc. left people with huge losses. Renters’ insurance covers any damage to the personal belongings of the insured due to natural calamities, such as floods, tsunami, earthquakes, cyclones, etc. 

Renters’ insurance is not one of the first types of insurance that one thinks of when someone mentions the word “insurance.” However, now that we know precisely how important getting a renters’ insurance policy is, give your home content and yourself additional protection with renters insurance. 

The author is the CMO at Digit Insurance

DISCLAIMER: Views expressed are the authors' own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.