If you are planning to have a rental house, you must have a renter’s insurance policy that covers your belongings. You must have heard about landlord’s insurance, but it doesn’t help you. It is to cover the possessions of the landlord. What about your possessions if those are damaged or theft while staying house on rent in Delhi or other cities? Here comes the renter’s insurance that helps you to stay away from financial risks for any unwanted damages. Here are the reasons you need to know to have renter’s insurance. Have a look-
Protects Your Possessions–
The landlord’s insurance only covers the property, not your valuables. You are entirely responsible for your possessions and it is your duty to keep them safe from any unfortunate circumstances. If your personal property gets damaged in accidents like fire or flood, other natural calamities, burglary, etc. the insurance will provide money to repair your loss.
For Liability Protection–
Yes, you are a tenant, but not free from all liabilities. For example, if any of your guests meet any mishaps like falling from the stairs, they may claim injury compensation. Even, if your pet disturbs the neighbors or bite someone, you are sole responsible for such situations. A renter’s insurance protects you financially to deal with these circumstances.
Keeps you on the Go If Disaster knocks down–
It will be the most unfortunate if you have to leave the residence for any disaster. But, a tragedy can’t put stop on your life. It will go on. But, staying in hotels or other rental houses, foods and other expenses will give you a huge bill. Having a renter’s insurance can help you at this moment as that has additional living expenses coverage. Talk to your broker to know details about the coverage and limitations if any.
Covers Replacement Costs–
It is possible that you don’t have any valuable possessions. Your music system is second hand and you bought the TV from garage sale. Still, the replacement cost is high. Having a renter’s insurance will help you to replace your possessions without bringing any financial load upon you.
It Is Affordable–
Many of you think that after giving a huge amount for rent you can’t afford the premiums of renter’s insurance. Don’t be so much stressed out. There are several schemes and premium starts from lower ranges too. You don’t need to be panicked. Call your broker and have detail idea from him.
Gives You the Actual Price–
There are several insurance companies who provide the actual worth of your possession at the time of damage or theft. It helps tenants to get the perfect value of the possession without losing anything.
It Is Versatile–
What to do if you have to move before the policy expires? The versatility and lucidity of the insurance policies make it easy for tenants to customize and modify the insurance according to their benefits. Also, with the up gradation of your properties, the policy will reflect on new items.
These are the vital reasons why you need a renter’s insurance. So, if you are planning to stay in paying guest in Delhi or Noida, you should go for this insurance first.
Aman Mishra is a real estate broker by profession. He deals with loans and credits everyday and knows the general questions of people. By blogging, he tries his best to reach many with answers of those common questions.