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What does Renters Insurance Cover?

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Policy Coverage

Customer Service

Plan Options

Claim Experience

Renters insurance is not something many are aware of. After all, it is but a temporary arrangement until you buy your own home or have to shift due to some reason. And the first question that comes to your mind is if it is really necessary and worth your time and energy. You may even feel that as your landlord would insure his property anyway, why you should bear this additional expense. But what about your belongings and valuables in the house? Yes, it might appear like a furtive beast at first, but this particular indemnification can actually draw the fine line between losing everything you possess and getting back on your feet in a flash when misfortune strikes you.

Let us explore the concept of renters insurance and the coverage you can avail:

Coverage for Individual Assets:

  • If an unforeseen catastrophe like fire, theft or some other grave mishap occurs in your rented house or apartment, this cover can be your angel-not-in-disguise. Landlord will only insure his building and nothing else.
  • It will help you recover or replace all your personal valuables, furniture, electrical or mechanical appliances, garments and even items of everyday use.
  • Majority of tenants leave buying home contents cover to another time, as they feel that they don’t have much stuffs to warrant this extra expense. But it can be shocking just how much of a dent it can make in your savings to replace inevitable items you have gathered over the years. Once you calculate, there is bound to be more than expected digits in the final figure.
  • To decide a broad figure of value for your belongings, do the old-fashioned way of combing through every room and making a list. You can strike them off when you review the inventory a second time.
  • It is not enough that you only entail the large-ticket articles such as your TV, washing machine, iPhone and so on, but also the seemingly small or insignificant items such as garments, utensils, curtains, bicycle etc.
  • Based on the home insurance policy you choose, there is usually a limit to the money you may collect per claim. For artefacts on the expensive side, it will be prudent to go for a comprehensive coverage.

Coverage for Legal Accountability:

  • This is mostly intended to compensate for third party injury incurred while in your rented place.
  • Damage to property is also covered with the expenses required for all the legal hassles. For instance, somebody slipping and hurting his/ her back on your property (even if the incident occurred due to your laxity).
  • It might appear like an implausible situation, but the crux of the matter is that these incidents do occur. If you get sued for the same, the perks of this shield will far outweigh the money shelled out for renters insurance.
  • Based on your plan and deductibles opted, you can get compensation for legal, medical and other repair expenditures.

Further Living Costs:

  • This kind of renter’s home insurance benefits you if you are not able to live in the house/ flat in conditions such as a leaking roof.
  • When searching for an insurance plan for your rented house, it is imperative to assess the price of going sans protection and that of the renters insurance.
  • You can avail money for temporary accommodation arrangements, having meals out, and other incidentals that you possibly will face in such difficult circumstances.

On the whole, there can never be a circumstance when one is allowed to go without at least one individual property indemnity. Changing times brought inflation and inflation means things are costlier than ever now. It is always best to appraise your belongings and have a rough plan on how to replace them – in short a renter’s home insurance. And it won’t cost you more than the bill of a three star dine out.

Customer Reviews

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  • HDFC Ergo Home Insurance
    "Should be transparent"
    0.5 2.0/5 "Expected more"
    I took home insurance from HDFC Ergo by paying the premium around Rs. 3 lakhs. In the beginning they were communicated the policy for whole 25 years, now they were telling its only for 5 years. If I want to continue then I need to renew it. The policy is good it covers all natural calamities, fire, rain etc. But they should be transparent in their communication.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 03, 2019
  • ICICI Lombard Home Insurance
    "Good Service provider"
    0.5 5.0/5 "Blown Away!"
    ICICI lombard gave me the medical coverage of Rs. 5 lakhs its entire family. The brand value is good to tie reputed hospital in area. Once I used the policy for dengue fever, they gave me cash less treatment for 10 days, they didn't charge any money. I just submitted medical card and id proof.
    Was this review helpful? 1
    , new delhi
    Reviewed on Nov 10, 2018
  • HDFC Ergo Home Insurance
    "I want to top up my Home loan to HDFC bank home loan departm"
    0.5 4.0/5 "Great!"
    Very good response by bank bazaar to connect HDFC bank home loan web site, very quick response by Bank Bazaar, Iam very happy to say if bank authorities will reply my application I am very thankful to you bank Bazaar.------------------------
    Was this review helpful? 0
    , hyderabad
    Reviewed on Nov 06, 2018
  • HDFC Ergo Home Insurance
    "Good Protection for House"
    0.5 4.0/5 "Great!"
    While I was taking loan from HDFC bank they taken amount for the home insurance for the tenure period of five years. I think they gave me the cover for different calamities, glass, raining, fire etc. But I thought for long tenure but they gave minimal tenure period for the home protection.
    Was this review helpful? 1
    , chennai
    Reviewed on Nov 05, 2018
  • review Home Insurance
    "Safe and secured"
    0.5 4.0/5 "Great!"
    I have paid Rs. 50 to 60k premium for home insurance in SBI General for the tenure of 20 years, they give coverage for natural calamities. The documentation process was smooth and they gave me good policy coverage based on the home valuation.
    Was this review helpful? 0
    , pune
    Reviewed on Sep 29, 2018
  • review Home Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I've a home insurance from the New India Assurance. Considering the nominal premium I pay, the policy offers complete protection for the house and the entire appliances. It is a very useful policy in case of any mis happenings.
    Was this review helpful? 1
    , mumbai
    Reviewed on Jul 28, 2018
  • HDFC Ergo Home Insurance
    "Average Policy"
    0.5 3.0/5 "Satisfactory"
    I have recently got a home insurance with HDFC ERGO one month back, i am satisfied with this insurance policy. I am not aware of the premium amount for this insurance policy. I was informed about the terms and conditions of this policy from the customer service team.
    Was this review helpful? 1
    , ahmedabad
    Reviewed on Jun 05, 2018
  • ICICI Lombard Home Insurance
    "Not satisfied"
    0.5 2.0/5 "Expected more"
    I have a home insurance with ICICI Lombard from last 16 years, they gave the soft copy and hard copy of the insurance on time. A premium of Rs 3130 has to be paid for this home insurance for 15 years. I am happy with the coverage value of this insurance policy.
    Was this review helpful? 1
    , coimbatore
    Reviewed on May 24, 2018
  • HDFC Ergo Home Insurance
    "Good policy to use"
    0.5 3.0/5 "Satisfactory"
    I need to pay the premium amount of Rs,10,000 every year to the home insurance policy . The HDFC ergo has gave me the home insurance policy around 2 years ago. The customer support service is good from the HDFC ergo and I pay the premium amount through ECS mode. This policy has the tenure of 10years.
    Was this review helpful? 0
    , jaipur
    Reviewed on May 03, 2018
  • review Home Insurance
    "Good policy to use"
    0.5 4.0/5 "Great!"
    I have insured my home with the SBI general insurance company. I have got this policy around 5 years ago. This policy has the tenure of 20yeras. I have paid Rs,55000 and it is valid for next 20years and I would say it is a good policy to use, but I never had any claim experience with this policy.
    Was this review helpful? 1
    , bangalore
    Reviewed on Apr 25, 2018
  • HDFC Ergo Home Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have a home insurance with HDFC ERGO from last 5 years, i have to make an one time payment for Rs 25000 for this home insurance. I find this insurance policy is best when compared to other insurance companies. I am happy with the coverage value of this insurance.
    Was this review helpful? 1
    , new delhi
    Reviewed on Apr 12, 2018
  • HDFC Ergo Home Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    HDFC ERGO GENERAL INSURANCE company has insured my home because I have got the Home loan from the HDFC limited. I have got the Home insurance policy around 7 months ago from the HDFC ERGO GENERAL INSURANCE company, This policy has the tenure of 25years.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 27, 2018
  • review Home Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I have a home insurance with National insurance from last 7 years and it is a good insurance policy. I pay an insurance amount of Rs 7000-8000 for this home insurance. I do not have claim experience so far with this insurance. Customer service was good and they gave all the right information. I am happy with the coverage of this policy.
    Was this review helpful? 0
    , mumbai
    Reviewed on Mar 26, 2018
  • review Home Insurance
    "Average service"
    0.5 3.0/5 "Satisfactory"
    At that time loan disbursement the agent of DFHL cleared all the formalities in getting the home insurance from the CHOLAMANDALAM GENERAL INSURANCE company. I have paid Rs,1,00,000 to get the home insurance policy from the CHOLAMANDALAM GENERAL INSURANCE company.
    Was this review helpful? 2
    , mumbai
    Reviewed on Mar 16, 2018
  • ICICI Lombard Home Insurance
    "Home insurance with ICICI LOMBARD "
    0.5 4.0/5 "Great!"
    I have taken a home insurance from ICICI LOMBARD GENERAL INSURANCE and the premium amount is 550 for a month. This insurance policy covers the damage to the house, any robbery to the house.For natural calamities they wont provide any coverage.
    Was this review helpful? 2
    , vadodara
    Reviewed on Mar 12, 2018
  • HDFC Ergo Home Insurance
    "HDFC ERGO Home insurance"
    0.5 3.0/5 "Satisfactory"
    I have taken a home insurance from HDFC ERGO GENERAL INSURANCE. The premium amount is 1800 per month. They provide insurance for damage of the property. If i loss the job then, for 3 months then the EMI have not to be paid. If death happen to me then they will waive off the loan and the property documents will be returned no need to pay the loan.
    Was this review helpful? 0
    , chennai
    Reviewed on Mar 07, 2018
  • Bajaj Allianz Home Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have taken a Home insurance with Bajaj Allianz,The policy is for 15 years i paid a premium amount of 8,000.I have no claim experience with till date this was taken since 2013.The premium amount is registered for an auto debit.The customer service is good.
    Was this review helpful? 0
    , kolkata
    Reviewed on Mar 02, 2018
  • review Home Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have insured my home from the NATIONAL INSURANCE company. I have paid Rs,6000 to get this policy . This policy has better plan benefits and the policy coverage with this policy. This policy has the life time tenure . I would say NATIONAL INSURANCE company gives good service to the customers.
    Was this review helpful? 1
    , bhimavaram
    Reviewed on Feb 12, 2018
  • review Home Insurance
    "Better policy to use"
    0.5 5.0/5 "Blown Away!"
    The SBI general insurance has offered me a home loan and they have insured my home as well. This home insurance has the tenure of 15years. The policy coverage and the plan options are good with the SBI general insurance company and I am satisfied getting the home insurance policy with the SBI.
    Was this review helpful? 2
    , bangalore
    Reviewed on Jan 30, 2018
  • ICICI Lombard Home Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have the Home insurance policy around 10 months ago from ICICI LOMBARD GENERAL INSURANCE. I have paid Rs,48,000 to this home insurance policy . This policy covers the life time tenure. The plan options and the coverage is good with this policy.
    Was this review helpful? 4
    , salem
    Reviewed on Jan 17, 2018
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