Why home insurance for tenants should be of utmost priority

We all think that being a tenant is a temporary arrangement—a mere pit stop till we are in a position to buy our own dream house. Thus we never think of getting a home insurance on rental properties. 

But do you realize that an unfortunate event like fire, vandalism, or theft can end all dreams of buying a new house as all your savings will be gone in buying and repairing lost and broken items? Any damage to personal belongings—from furniture to electrical appliances—has to be borne by the tenant.. Well, there is an easy way out of these tensions—buy a home insurance for tenants.

Home insurance on rental properties is important because of the following reasons:

  • The monthly instalments are as less as are those daylong trips to the outskirts of the city. Skipping a home insurance for your rental house to save money is a bad decision and an unnecessary risk. Also, a higher deductible means cheaper insurance rates.
  • We think we don’t have much to insure but take a closer look at the branded clothes, , appliances, furniture and you will see how the belongings add up to quite a lot. So, your insurance protects all your assets for you.
  • The insurance covers your legal defence costs too, if you’re dragged to court.
  • The insurance takes care of your living expenses i.e. hotel bills and meals in case you have to leave the rented dwelling while repairs are being done.
  • A history of tenant insurance going claim-free improves your credit score and in future, it can help you in getting bigger home loans approved.

Make sure you get the full details about coverage, benefits, discounts, all terms and conditions, etc. from your insurance provider. There should not be any hidden charges.. HDFC ERGO is one of the trusted providers in the country. Many tenants have insured their belongings from this insurance company by paying a small monthly premium.  

To sum it up, the first rule of being a good tenant is to treat your owner’s home as your own. You certainly don’t want to pay him anything extra; rent is enough. In case something still goes wrong, you can relax as your home insurance for renters policy has you covered!

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