A Tenant Home Insurance is A Must. Here is Why
Jul 25, 2016 Legal Guidance
Are you staying in a rented accommodation? Did you get a home insurance even being a tenant? No! But Why?
People often while renting a house don’t go for home insurance thinking that the house belongs to a third person. But a home insurance for a tenant is also a must for his personal and costly belongings such as television, electronics, furniture etc.
Reports say that while only 95% of the landlords have home insurance, on the contrary only 36 to 37% of tenants get their home secured by insurance. A landlord’s insurance does not cover your personal appliances and belonging and also if an accident occurs in the flat which leads to some damage. Let’s say for instance while you were cooking, a fire accident happens which damages other parts of the property then the tenant will have to incur the expenses.
Hence, it is highly advisable to get a home insurance to avoid situations.
There are mainly two major areas that a home insurance for tenants covers. The First one is Liability Coverage, wherein, in case the tenant or any guest damages the building or the property, the insurance will protect the tenant from such causes. It also will protect the tenant in case someone gets injured within the tenant’s rental unit and sues them for damages. The Second one is Content coverage, wherein the tenant gets the protection of repair or replacement for the lost and damaged belongings or possessions.
The question that pops into the mind of a tenant is ‘how to get a tenant insure?’ Well, currently there are no stand-alone home insurance schemes or policies for the tenants. However, if a tenant wants to get his personal appliances and belongings get secured then the tenant can opt for a ‘tenants’ legal liability cover’. But private insurers like Bharti Axa, ICIC Lombard, and Future Generali and so on offer this insurance cover as a part of the home loan insurance. As prices vary from institution to institution, hence it is advisable that one should have a thorough research and be careful while choosing the best home insurance.
Here are certain things a tenant must look for when they are choosing tenant insurance. First of all, ask for thorough information from your provider regarding the policy cover.
Ensure that the insurance includes the mentioned below features-
- Coverage
- Liability
- Replacement cost
- Theft
- Additional expenses
- Discounts
However, a tenant must also keep few things while renting a property such as he or she should treat the rented property with care just as one treats his or her own house, this helps in saving unwanted liability that a tenant cannot bear. One must respect the assets of the landlord and treat them with care and safety, get a tenants liability cover to protect those assets.
People often while renting a house don’t go for home insurance thinking that the house belongs to a third person. But a home insurance for a tenant is also a must for his personal and costly belongings such as television, electronics, furniture etc.
Reports say that while only 95% of the landlords have home insurance, on the contrary only 36 to 37% of tenants get their home secured by insurance. A landlord’s insurance does not cover your personal appliances and belonging and also if an accident occurs in the flat which leads to some damage. Let’s say for instance while you were cooking, a fire accident happens which damages other parts of the property then the tenant will have to incur the expenses.
Hence, it is highly advisable to get a home insurance to avoid situations.
There are mainly two major areas that a home insurance for tenants covers. The First one is Liability Coverage, wherein, in case the tenant or any guest damages the building or the property, the insurance will protect the tenant from such causes. It also will protect the tenant in case someone gets injured within the tenant’s rental unit and sues them for damages. The Second one is Content coverage, wherein the tenant gets the protection of repair or replacement for the lost and damaged belongings or possessions.
The question that pops into the mind of a tenant is ‘how to get a tenant insure?’ Well, currently there are no stand-alone home insurance schemes or policies for the tenants. However, if a tenant wants to get his personal appliances and belongings get secured then the tenant can opt for a ‘tenants’ legal liability cover’. But private insurers like Bharti Axa, ICIC Lombard, and Future Generali and so on offer this insurance cover as a part of the home loan insurance. As prices vary from institution to institution, hence it is advisable that one should have a thorough research and be careful while choosing the best home insurance.
Here are certain things a tenant must look for when they are choosing tenant insurance. First of all, ask for thorough information from your provider regarding the policy cover.
Ensure that the insurance includes the mentioned below features-
- Coverage
- Liability
- Replacement cost
- Theft
- Additional expenses
- Discounts
However, a tenant must also keep few things while renting a property such as he or she should treat the rented property with care just as one treats his or her own house, this helps in saving unwanted liability that a tenant cannot bear. One must respect the assets of the landlord and treat them with care and safety, get a tenants liability cover to protect those assets.
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