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What does Renters Insurance Cover?

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.

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Customer Reviews

Page 1 of 7 1 2 3 4 5
  • HDFC Ergo Home Insurance
    "Excellent policy"
    0.5 4.0/5 "Great!"
    I live in Jammu , so my area falls in a earth quake zone hence I bought a home insurance policy from HDFC Ergo. The executive has approached me and they will give me a good services. I have purchased the policy around 2 years ago. I pay the premium through auto deduction and this policy covers for 3 years.
    Was this review helpful? 0
    , jammu
    Reviewed on Mar 05, 2020
  • HDFC Ergo
    HDFC Ergo Home Insurance
    "Good insurance plan"
    0.5 5.0/5 "Blown Away!"
    In HDFC bank, they have forced me to take the home insurance from HDFC Ergo when i availed the home also. My home is getting insured for the tenure period of 5 years. I am paying the premium amount of Rs. 500 on a monthly basis. They are giving me a coverage value which is equal to my loan amount. I pay the premium through ECS option.
    Was this review helpful? 0
    , rajkot
    Reviewed on Mar 05, 2020
  • ICICI Lombard Home Insurance
    "Good Insurance plan"
    0.5 5.0/5 "Blown Away!"
    When i took the home loan from Development Credit bank they have recommended me to take the home insurance from ICICI Lombard. When i had some issues, the customer care people are responding well. They have given the claim details and boucher to the customer. I have paid the premium amount of Rs. 40000 which covers for 5 years.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Mar 02, 2020
  • HDFC Ergo Home Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    When i have taken the home loan from City union bank, they have provided me a home insurance from HDFC Ergo. I have paid the premium amount of Rs. 785 which covers for 1 year and i need to renew the policy till the home loan get over. They are giving me a coverage value of Rs. 20 lakhs. I have not claimed anything from this policy.
    Was this review helpful? 0
    , chennai
    Reviewed on Feb 21, 2020
  • review Home Insurance
    "Rules are good in SBI home insurance"
    0.5 3.0/5 "Satisfactory"
    When i purchased my home loan from SBI, they have provided me a home insurance from SBI General Insurance. I have paid the premium amount of Rs. 5000 for the next 3 years and this policy only covers for the property. This like a EMI insurance. They gave me coverage according to the EMI amount. Once the home loan is over, the policy will get lapsed. They are not taking care of the customer in SBI.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jan 25, 2020
  • ICICI Lombard Home Insurance
    "Unhappy"
    0.5 1.0/5 "Really Bad"
    I am not satisfied with ICICI Lombard for home insurance because the premium is very higher and the claim was not good. I will not recommend and would suggest to go with LIC housing. The premium is 1.30L for 7 years where LIC is charging 60k for 12 years.
    Was this review helpful? 14
    , hyderabad
    Reviewed on Sep 24, 2019
  • HDFC Ergo Home Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I got a home insurance from HDFC ERGO recently and they have been charging be monthly 506rupees which is reasonable and the payment mode is ECS. They have provided me an insurance for 5 years. I have no issues with the service. I don't have claim experience.
    Was this review helpful? 6
    , mumbai
    Reviewed on Sep 14, 2019
  • review Home Insurance
    "Recommendable policy"
    0.5 5.0/5 "Blown Away!"
    When i taken the home loan, they have provided me a home insurance with Reliance. They have provided me a coverage value of Rs. 70 lakhs which is my loan amount. In one shot, i have paid the amount of Rs. 1 lakhs which covers for 15 years. It covers only for the house.
    Was this review helpful? 4
    , bangalore
    Reviewed on Jul 26, 2019
  • Bajaj Allianz Home Insurance
    "Required policy"
    0.5 5.0/5 "Blown Away!"
    It was very fast and i didn't run for any kind of documentation part. Since i took the home loan from Bajaj Finance, they have provided me a home insurance policy with them. I'm not sure about the premium amount. This policy has a coverage of 100% including the hold things.
    Was this review helpful? 5
    , secunderabad
    Reviewed on Jul 24, 2019
  • HDFC Ergo Home Insurance
    "NOT SATISFIED"
    0.5 1.0/5 "Really Bad"
    I have a home insurance with HDFC ERGO GENERAL INSURANCE where the premium paid was 2-3K where the duration of the policy is was 5years but i have canceled the policy within 1 month. The documents submitted was basic documents, but i am not satisfied with the policy.
    Was this review helpful? 6
    , pune
    Reviewed on Jul 13, 2019
  • review Home Insurance
    "Very good policy"
    0.5 5.0/5 "Blown Away!"
    When i taken my home loan, they have given me a home insurance along with the home loan. Since its a compulsory policy, i have purchased the loan. I'm not sure about the insured period. Overall, I'm satisfied with the policy. This policy is covered 100% for the home not for the products.
    Was this review helpful? 3
    , chennai
    Reviewed on Jun 24, 2019
  • Bajaj Allianz Home Insurance
    "Satisfactory"
    0.5 4.0/5 "Great!"
    Its having higer coverage of 2L and the policy is valid for 25 years. Bajaj Allianz has charged me 25K yearly and the benefits are good. It was provided along with my home loan. They have provided me a good service. The documents has been provided to me on time.
    Was this review helpful? 1
    , vadodara
    Reviewed on Jun 22, 2019
  • HDFC Ergo Home Insurance
    "Excellent service"
    0.5 4.0/5 "Great!"
    While i have taken my home loan from HDFC,LTD they have asked me to take a house insurance policy. I pay the premium amount nominal which is applicable till my loan tenure period. It use to get auto debited from my account. They have given me a coverage upto Rs. 5 lakhs for 10 years .
    Was this review helpful? 3
    , ahmedabad
    Reviewed on Jun 11, 2019
  • HDFC Ergo Home Insurance
    "Complicated policy"
    0.5 4.0/5 "Great!"
    While i have taken my home loan from HDFC, they have asked me to take a life insurance policy. I pay the premium amount of Rs. 50000 which is applicable till my loan tenure period. They are deducting the insurance premium amount from loan premium amount. They have given me a coverage upto Rs. 4 lakhs.
    Was this review helpful? 3
    , chennai
    Reviewed on Jun 09, 2019
  • review Home Insurance
    "Better"
    0.5 4.0/5 "Great!"
    I got a home insurance from SBI General Insurance and they have charged 50K for the insurance which was little bit higher when compared to others. They have not sent the insurance paper yet. The policy is valid for 15 years. It covers fire accidents, natural calamities and everything.
    Was this review helpful? 6
    , hyderabad
    Reviewed on Jun 07, 2019
  • review Home Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken Health Insurance through Royal Sundaram through Online .I am paying a premium of Rs. 15000 it is a 1year nee to renew each year ,I am paying through by online ,This insurance was referred by Citi Bank .I have not faced any issues so far on using this policy .There are cashless facility as well.
    Was this review helpful? 1
    , bangalore
    Reviewed on May 31, 2019
  • ICICI Lombard Home Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken Health insurance policy since got call from ICICI Lombard hence taken the policy.This is a 1year policy need to renew the policy every year ,There is cashless facility on this policy ,premium is very nominal it is Rs.13000 paying through auto debit .I have got the policy documents on time ,Submitted documents also and not gone for any claim so far.
    Was this review helpful? 1
    , thane
    Reviewed on May 28, 2019
  • HDFC Ergo Home Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I got a Home insurance from HDFC ERGO while taking the home loan. The policy is valid for 5years and the premium is reasonable. They have charged me 69K and have received the soft copy of the insurance. The policy coverage is good and it includes natural calamities and fire accident.
    Was this review helpful? 2
    , pune
    Reviewed on Apr 30, 2019
  • HDFC Ergo Home Insurance
    "Good. Can work on the charges"
    0.5 4.0/5 "Great!"
    HDFC Ergo home insurance policy is good and there is a coverage for five years, and I can renew it if I wish too. I also have the option to continue till the loan gets completed. The total amount is of 1.11 Lakhs. I need to pay 700rs on a monthly basis. I suggest that the charges should be on a lower side.
    Was this review helpful? 3
    , ahmedabad
    Reviewed on Apr 29, 2019
  • Bharti Axa Home Insurance
    " Premium should be economical"
    0.5 4.0/5 "Great!"
    I paid premium of Rs.1.5 lakh to Bharti Axa for home insurance it has the tenure upto loan end peroid of 20 years. I believe its covers all natural calamities like earth quake, the premium is huge as compared to others. I got the policy paper through PNB Housing,
    Was this review helpful? 1
    , chennai
    Reviewed on Apr 12, 2019
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