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What is the Importance of Home Insurance for Renters?

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A renters insurance policy is a group of coverage designed to help protect renters living in a house or apartment. A typical renters insurance policy includes three types of coverage that help protect you, your belongings and your living arrangements after a covered loss. You must be feeling I don't own the house. Why do I need to buy home insurance? Where the renter's insurance policy comes into the picture. The landlord's insurance doesn't cover the tenant's belongings, and in case of any damage, the tenant is liable to pay for it. Hence renters insurance policy becomes very handy at the time of claim and saving any out of pocket finances. 

Many insurance companies sell a renters insurance policy; HDFC ERGO home insurance provides comprehensive coverage. As the owner, they might have insurance for their belongings but for renters is becomes vital to insure the belongings irrespective if the stay is long or short. Two main reasons for buying a renters insurance plan are: 

Coverage for the contents: Your assets are your responsibility. Whether you live in your own house or a rented house, securing the contents of the house is your duty. Incidents such as theft, burglary, fire can lead to the loss or damage to the house's contents. Having a home insurance policy can help you with the financial aid you might need in such perils.

Liability coverage: If there is accidental damage done to the house's structure by you, such as accidental fire while cooking, then having liability coverage can secure your finances which will be needed for the repair and refurbishing of the house.

Renters insurance usually includes:

Fire -  In case of a fire and any damages caused by fire are covered by thev renter's insurance policy. Protect your dreams against any damage due to fire.

Burglary and theft -  It's distressing to even think about your house getting broken into. Stay peaceful by insuring your possessions against theft/burglary.

Electrical Breakdown -  Breakdown of appliances can disrupt everyday life and come at a cost. Insure them to avoid sudden expenses. This can become expensive while repairing or replacing them without insurance. 

Accidental damage -  Just spent a fortune on fixtures and sanitary fittings? Stay worry-free by securing them against accidental damage. 

Manmade hazards -  Troubled times can affect your home as well as your peace of mind. Keep it secure against strikes, riots, terrorism, and malicious acts, which are very common in today's time. These conditions cant affect the mental well- being

There are various options covers also available :

Portable Electronic Equipment Cover - This cover gives you coverage for all portable electronics such as laptops, cameras, binoculars, musical equipment, sports gear, or any other specified item of portable nature. This policy does not cover pieces of equipment that are over ten years old. 

Jewellery and valuables - Jewellery and valuables refer to ornaments or articles made of gold or silver or any precious metal, including diamonds and sculptures and watches. This add on cover can be opted for a maximum of up to 20% of your Home Content (Belongings) sum insured. The loss of your jewellery & valuable would be covered based on the prevailing market value.

Terrorism cover - It covers damage caused to your home due to terrorism. Because of a terrorist attack, if your home structure/content gets destroyed, the renters insurance covers it. 

Disclaimer:  The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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