Anyone who has to go for renting a property should go for a renter’s insurance in India. Though most of you might think that it is a waste of money, but that is not the case. The policy has many benefits, but, before you think of buying one, you should have a brief idea about the policies. The policy is normally divided into two parts-liability insurance and content insurance.
While liability insurance is there to protect the person, who is renting the property from the damages that are caused to the property or a person on the property, the content insurance is to cover the items that are stolen, damaged or burnt accidentally on the property.
Why should you go for a renter’s insurance while renting out your property?
As is evident from the above, the policy will protect you in case of accidents or damages caused by occurrences beyond your control. Here are some of the reasons that will explain you the importance of a renter’s insurance policy: –
Protection from theft
The primary items on your property are covered under renter’s insurance. So, if something on your property is stolen, the insurance policy covers that, and you can claim that amount from the insurance company. Instead of spending a large amount of money from personal savings to cover for the loss, you are well compensated by the renter’s policy.
Coverage of loss due to accidents
Both the property and the primary items on it are bound to get damaged because of accidents caused by electrical circuits, gas leaks, etc. Even if you have all the safety measures at your home or can get help at the right time, the amount of damage to the property. Since all this can be covered under your renter’s insurance policy, you can pay for the repair or replacement of things required to keep your property functioning well. You will then realize that this insurance is not just a regular policy for you.
Protection from injuries on the property
There can be instances when someone can be injured on your property due to accidents or other issues. The damages will either have to be covered by the landlord or the renter. Having a renter’s policy will make the coverage easier. Normally, it is the responsibility of the landlord or the renter of that property to take care of this when there is an injury on the property. A policy ensures you are able to pay off medical expenses incurred without having to worry about funds.
The above-mentioned expenses are some of the biggest ones that you might have to incur even when it is not your fault. Make sure that you go for a renter’s insurance policy in advance and get your property and items insured. You also have to renew your policy on time so that it does not lapse.
Tip- Do read the terms and conditions of the policy before finalizing it so that there is no confusion at the time when you have to claim it.