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Tenant Insurance

Not everybody can afford to build or purchase a house for their family. The majority of families live in rented flats and houses. But it does not mean that they cannot protect their belongings with tenant insurance that is a subcategory of a comprehensive home insurance policy. As you never know when a theft, burglary, fire accident or natural calamity comes up, it is better to be prepared with a tenant insurance plan that can provide you cover from all these casualties.

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What Is Tenant Insurance?

A renters insurance policy is a type of insurance plan that provides cover to the tenants living in a rented apartment or house from unforeseen casualties such as fire accidents, theft, natural calamity, etc. This is a legal contract between the insurer and policyholder, it states that the insurer will provide financial aid to the policyholder in case of unforeseen accidents leading to loss or damage of the content of the house.

Benefits of Tenant Insurance

There are several benefits of purchasing tenant insurance. They are as follows:

  • Peace of Mind: When you get insured with a renters insurance plan then even if you do not own the house or the apartment, you can protect your stuff such as television, fridge, mobile phone, etc. and stay tension-free.
  • Financial Aid: If you are insured under this insurance plan then you will get financial aid for the loss or damage caused to any of your stuff kept inside the rented house you live in.
  • Enhanced Coverage:A tenant insurance plan provides you an enhanced coverage so that you do not have to worry about any sudden loss or damage and even if you suffer any loss or damage, it will provide you cover for it.
  • Faster Recovery: Without this insurance plan, it might get difficult for you to get the damages recovered faster but with this insurance, you will get compensation for the damage or loss and get it recovered faster.

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What Is Covered Under Tenant Insurance?

The tenant insurance plan provides cover for the following:

  • Fire: Loss or damage caused by fire is covered under this insurance plan
  • Theft & Burglary:If there has been a theft or burglary in your rented house and your stuff has been stolen then this insurance plan will provide cover for it.
  • Electrical Breakdown:In case there is a breakdown of the home appliances, this insurance plan will provide cover for it.
  • Manmade Hazard:The insurance plan provides cover for the loss or damage caused to your property in a riot, strike, manmade disasters, terrorism, etc.
  • Natural Calamity:In case of loss or damage caused by any natural disaster such as floods, typhoons, etc. the insurance plan will provide cover for it.
  • Accidental Damages:In case of accidental damages, the insurance plan will provide cover for it.
  • Alternate Accommodation:The insurance plan provides cover for the expenses that occurred for living in an alternate home, hotel room, etc. during the recovery of the damaged house.

What Is Not Covered Under Tenant Insurance?

The insurance plan does not provide cover for the following:

  • War: The insurance plan does not provide cover for the damage caused during the war or war-like situation.
  • Collectible Items: The insurer will not provide cover for the loss or damage of the collectible items such as coins, old stamps, artwork, paintings, etc.
  • Old Items: No coverage will be provided for the loss or damage caused to items that are more than 10 years old.
  • Consequential Loss: In the case of consequential loss that was not a direct result of any of the inclusions, the insurer will not provide cover for it.
  • Willful Damage: If the insured damages the content of the house willfully then the insurer will not provide cover for it.
  • Third-Party Construction Loss: In case of damage or loss caused to your property because of third-party construction, the insurer will not provide cover for it.
  • Wear & Tear: The insurer will not provide cover for any wear or tear of the property.
  • Cost of Land: The insurer will not provide cover for the cost of land under any circumstances
  • Under Construction Cover: There will be no coverage for the under-construction building.

How To Raise A Claim Under Tenant Insurance?

Follow the steps mentioned below to raise a claim under the property insurance.

  • Inform The Insurer: Tell your insurer about the incident that caused the loss or damage as soon as possible
  • Take Pictures of The Damage: If possible take a picture of the destroyed items as proof. It will help you while raising the claim online
  • Keep Documents Ready: To begin the claiming process quickly, keep the documents required ready so that you do not have to find them at the last moment
  • Assist Insurer During Inspection: When you raise the claim, the home insurance company sends an inspector to inspect the loss or damage and once the inspector is satisfied, the insurer begins the claiming process so it is suggested to assist them during the inspection.
  • Compensation: As per your sum insured amount, the insurer provides compensation for the loss.

How To Renew Tenant Insurance?

Follow the steps mentioned below to renew your insurance plan.

  • Step 1: Go to the official website of the insurer
  • Step 2: Enter the details such as your name, policy number, policy name, etc.
  • Step 3: Click on the “Renew Policy” button
  • Step 4: Review the details entered once
  • Step 5: Add or remove any add-on as per your requirement
  • Step 6: Now the website will pop up the final premium amount to be paid
  • Step 7: You can pay the premium through UPI, Debit/credit card, net banking, etc.
  • Step 8: Once the purchase is complete the insurer will send you a confirmation email as well as a confirmation message on your registered mobile number

However, It is necessary to renew your insurance plan on time so that the policy does not expire and you stay covered under the home insurance plan.

Why Buy From Policybazaar?

Purchasing the best renters insurance plan from policybazaar would be a hassle-free process as you can do it sitting at the comfort of your home as well as on your mobile phone. Apart from this, you can also compare different plans in one place that fits your budget and when required you can raise a claim online as well.

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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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  • 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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