I live in a rented accommodation. Can I still opt for a home insurance policy?
Of course you can opt for a home insurance policy. Home insurance policy is available for both property owners and tenets. In Fact most home insurance companies have dedicated plans suitable for tenants. These include options like continuing with your home insurance plan even if you shift your residence in between the policy tenure. So you can go right ahead and check with your preferred insurance company about the home insurance plans available for tenants.
Even if you stay on rent, you can opt for a Home Insurance policy. This is known as renter’s Home Insurance policy. Majority of tenants leave buying a home protection cover for later as they feel it might not be worth it. 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 this, we are sure you will go for a cover. To decide a broad figure of value for your belongings, go 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.
If an unforeseen catastrophe like fire, theft or some other grave mishap occurs in your rented house or apartment, this cover can be your saviour. It will help you recover or replace all your personal valuables, furniture, electrical or mechanical appliances, garments and even items of everyday use. 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.
Home Insurance can also compensate for third party injury incurred while in your rented place. Damage to property is also covered along with the expenses required for all the legal hassles. For instance, somebody slipping and hurting his/ her back on your property. Based on your plan and deductibles opted for, you can get compensation for legal, medical and other repair expenses.
Some Home Insurance policies also cover living costs. This kind of renter’s Home Insurance helps you if you are unable to live in the house/ flat due to conditions such as a leaking roof. You can avail money for temporary accommodation arrangements, having meals out, and other incidentals that you possibly will face in such difficult circumstances.
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