Article

Rental Insurance
September 14 , 2012

Home insurance policies reimburse the house owner in case of loss or damage to the structure or contents of the house by fire and other perils or by burglary. A good population of India, especially in the metros and other cities, lives in rented homes since real estate is less affordable here than in other developed countries. For others their jobs might require them to switch locations too often to let them comfortably settle down in one place. Such people can still insure their possessions through a tenant's insurance or rental insurance.

Coverage of rental insurance

Many general insurance companies have separate policies for home owners and tenants. The one for tenants is without the cover for home structure but covers contents in the home. The sum insured for contents is based on their market value less depreciation. A host of items like electronic equipments such as TV, refrigerator, air conditioner, washing machine, microwave owen etc, furniture, furnishings, jewelery, clothing and other possessions are covered. Cash is usually not covered.

Perils covered by rental insurance

Some insurers may cover contents of home only for burglary. Others may cover more perils including fire, earthquake, flood, storm, electrical and mechanical breakdown, riot, lightning, explosion and landslide.

Who is offering rental insurance

Royal Sundaram offers Home Content Insurance plan with sum insured of Rs 4 lakhs to Rs 11.5 lakhs.  ICICI Lombard's Home Insurance policy can be bought to cover home structure or contents or both.  New India Assurance Company's and National Insurance Company's Householder's policy comprises 10 sections of which a minimum of 3 must be chosen. Renters can choose suitable ones for themselves, including public liability.

How you can choose rental insurance

Select a policy that will give maximum coverage for as many items as possible. In order to avoid surprises during claims, if at all you have to file one, read the policy wordings well before signing on the dotted lines. That's where all the terms and conditions are kept, away from the view of casual readers, who suffice it by listening to the agent's talk.

Fintotal Knowledge the best place to learn more on personal finance.

The language is simplified and written specially for non finance background individuals.


Explore more in a easy manner.

Table of Contents

Table of Contents

  • No Article Listed
  • No Article Listed
  • No Article Listed
  • No Article Listed
  • No Article Listed
  • No Article Listed
  • No Article Listed
  • No Article Listed
  • No Article Listed
  • No Article Listed

Get the all financial products under one roof only at

you will NEVER GO WRONG with us!

Unbiased . Best Deals . Appropriate Products . No Mis-selling