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Insurance Article

Living in a Rented House? You Can Still Avail Home Insurance

April 03 2015
Safeguard your personal possessions with insurance for content.

These and several such eventualities can cause major losses, leave a huge hole in your pocket, and derail your family's financial plans. This is where home insurance comes into the picture.

Before we get to how home insurance can help, let us debunk a common myth about home insurance for rented houses. Yes - Home Insurance Is Available for Rented Houses too! Most home insurance policies offer two types of cover - one for the physical structure and another for the contents of the house. For a rented house, while the tenants do not own the structure they can certainly avail insurance for their assets and belongings within the home. Such a policy covers household belongings like white goods, furniture and fixtures, jewelry and other personal items.

There is also some confusion about housing society availed insurance. Now, whether you live in your own house or a rented one, the insurance availed by your housing society will include only the common areas and the external structure and not the contents of your house. This is why you should opt for home content insurance and cover your personal belongings. Here are a few more reasons:

Secure Valuable Possessions

While you might have made provisions for safeguarding your valuable possessions like jewelry, gold, silver and precious stones, no precautions work if burglars get access to your home, or in case of a fire or a natural calamity. Content insurance covers these precious belongings and offers you peace of mind.

Home Insurance Is Inexpensive

One can avail content insurance cover worth Rs. 5 lakhs by paying a premium of less than Rs. 100 a month. This is lesser that your monthly newspaper bill!

Buying Insurance Online Is Easy

Buying home insurance online is quick and effortless. Most insurance providers require you to fill up an online form (like this) where you have to share some basic details about your requirements and enter the value of contents in your home to be insured, and other personal details to get a quick online quote. Within a few clicks and with minimal documentation, you can make an online payment and get a policy issued.

Hassle-free Claims Process

In case of an untoward incident, you can register an insurance claim by either calling up the call center or by writing an email. The insurer's surveyor will visit your home to assess the damage and to start the claim process.

Incidents like burglary, floods, hurricanes, fire, riots, etc. can happen anywhere and anytime. Despite your best efforts, you cannot eliminate such risks. The best thing to do is to mitigate them. Home insurance is a way to safeguard you from the financial repercussions of the vagaries of nature and human eccentricities.

Click here to know more and to buy a home insurance policy online.

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