Imagine this scenario. There are few people who reside in a house for rent in Bangalore and fire breaks out one day. An action is taken immediately. They all are safe but their belongings are not that lucky. Have you ever thought what will happen to these people now? How are they going to claim damages for their belongings? Or what will be the course of action in case any of the owner’s belonging gets damaged by the tenants? You must be thinking that in all such cases the tenants have to bear the loss or the landlord will deduct some pennies from the tenant’s security deposit. But why should this happen?
All of you must be aware of a plethora types of insurances such as health, fire, and car, but only a few of you will be aware with tenant insurance. Tenant insurance is not that common in India, thus, the landlord might not insist upon tenant insurance. But it is very much important to avail this insurance and know about it thoroughly. Here’s a complete account of tenant insurance, which keeps the tenants safe:
What is tenant insurance?
The tenant insurance provides cover to the renters against any kind of damage or loss arising from fire, theft, natural calamities or any other kind of mishap. This insurance is used for protecting the tenant and his/her personal belongings in case of unexpected events.
What all it covers?
The tenant insurance broadly covers four areas:
The home insurance usually covers the property of the landlord in the case of a robbery or fire. But what will happen to the daily use personal items of tenants? The tenant insurance includes coverage of all such items from clothing to furniture.
Okay! Focus on the above-mentioned example again. Our residents of the house for rent in Marathahalli, Bangalore are, of course, alive. However, they have major injuries on their bodies. What now? Well, this coverage includes protection in case of bodily injury to a tenant or any of his/her family members or damage to property due to any accident or tenant’s fault.
The policy covers any other additional expenses incurred on leaving in the case of damages being so severe that you are required to temporarily relocate to another place.
Here, those damages are covered which are sustained by any other third party or third party’s property.
It should be noted that there are certain other clauses in the insurance as well. These are related to medical payments in case a tenant undergoes an injury.
Is tenant insurance worth it?
When you take a residential apartment on rent, staying safe holds a paramount importance. However, untoward circumstances are uncontrollable. The cost of replacing everything in case of an uneventful happening can play havoc with your finance. Thus, choosing to live with a policy is better.
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