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Why Home Insurance Is A Must For Tenants?

These days, most landlords insure their homes against risks such as fire, burglary, theft, and so on. But as a tenant, do we take such steps when we are occupying a rented property? On the contrary, we usually consider it as a third-party's property and would, therefore, avoid taking any such responsibilities. Let’s look at why even a tenant needs a home insurance.

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Why do you need home insurance as a tenant?

As a tenant you need to know that a landlord’s insurance doesn’t cover your personal belongings, such as furniture, electronics, and so on. Moreover, you have to pay for any damage you might accidentally cause to the property. For example, if you’re cooking and a fire accidently happens that spreads to other parts of the building, you would have to incur the costs of repair even for the other apartments as well. This could have been avoided if you had a home insurance cover.

Home insurance for tenants covers two basic areas:

  • Liability coverage which protects tenants if they or a guest damages the building. It also protects tenants if someone is injured within their rental unit and sues for damages.
  • Content coverage which deals with the replacement or repair of lost or damaged possessions.

How to buy tenant insurance?

At present, there are no stand alone home insurance policies for tenants. If you wish to insure your personal belongings, then you can get yourself the tenants’ legal liability cover. Some private insurers offer this insurance cover as part of their home insurance such as Bharti Axa, Future Generali, ICICI Lombard, and so on. As prices and features may vary, we’ll assist you in comparing them and you can choose the right home insurance which meet your needs.

What should you look for when considering tenant insurance?

Ask your insurance provider to provide a thorough explanation of the policy cover.. A few features that you may wish to enquire about are:

  • liability
  • coverage
  • replacement cost
  • additional living expenses
  • theft
  • discounts
  • deductibles

Important Pointers:

  • Treat your rented house just as you would treat your own, or the resulting liability that may fall on you might be more than you can bear.
  • Respect your landlord's assets and safeguard it with a tenant's legal liability cover.
  • Home insurance is far cheaper than settling for the liability claim that your owner would raise against you!  
Written By: PolicyBazaar - Updated: 21 October 2024
Disclaimer:The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
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Reviews & Ratings

4.7 / 5 (Based on 99 Reviews)
(Showing Newest 10 reviews)
Surendra
Delhi, February 05, 2025
Good Price
I had purchased Bajaj Allianz home insurance, and when there was damage to home equipment due to an electric spark, these damages were covered by the insurance. Got insurance at a good price.
Naresh
Muzaffarnagar, February 02, 2025
Best Deal
I never thought home insurance could be affordable. With Policybazaar, I could compare multiple insurance plans on a single platform. I am glad I got the best insurance plan at a very good deal.
Nalin
Begusarai, January 30, 2025
Easy Renewal
I renewed my home insurance through Policybazaar. Initially, I was unsatisfied with my previous insurer, but my experience with Policybazaar has been good. Very satisfied with their services.
Abhimanyu
Gridi, January 29, 2025
Good Experience
PolicyBazaar has made comparing policies easy, and its agent explained the features clearly. Really happy with my experience of getting a home insurance policy.
Prateek
Patna, January 27, 2025
Expenses Covered
With HDFC ERGO home insurance, I could cover my expenses when our building caught fire. Luckily, no one was hurt.
Dhruv
Jamshedpu, January 24, 2025
Easy Process
Thank you, Policybazaar, for helping me to get the claim approved for my home insurance. Your process was very easy.
Vihan
Etawa, January 21, 2025
Big Help
I had purchased a new flat by taking a home loan. However, after paying the second EMI, there were some issues with the water pipeline, and it burst. The house's walls were damaged, and home insurance through Policybazaar helped me get a claim for my loss.
Ishaan
Lucknow, January 20, 2025
Stress-free process
Exploring different home insurance options felt overwhelming, but PolicyBazaar simplified everything. Their platform helped me compare plans quickly. The team answered all my queries, making the process stress-free.
Kshitiz
Lucknow, January 18, 2025
Easy Process
Thank you, Policybazaar, for helping me to get the claim approved for my home insurance. Your process was very easy.
Rahul
Patna, January 17, 2025
Stress-free process
Exploring different home insurance options felt overwhelming, but PolicyBazaar simplified everything. Their platform helped me compare plans quickly. The team answered all my queries, making the process stress-free.
  • Disclaimers+

    #Savings of 28% are based on the comparison between the highest and lowest premiums for a pucca building with sum insured of >₹ 1 crore at Delhi, for property age less than 5 years and policy term of 11 years.

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