Householders Package Policy is a form of property insurance which covers damages to the structure and contents of your house.
If you avail a home loan to buy house, the lender may insist on home insurance to protect your home, in case of damage caused by unforeseen circumstances like fire or natural disasters.
A home insurance policy is a must have and provides the following benefits:
A tenant can also avail home insurance, but only home content insurance. The tenant can do so to protect his assets and belongings in case of any mishaps. If any damage is caused due to the negligence of the tenant, then he will have to bear the cost of repairs.
The home insurance is a comprehensive insurance plan that offers coverage for both the structure of the house as well as the contents present within.
Currently there is no proper home insurance policy for tenants in India. But, if you want to insure your assets and personal belongings, then you can avail tenant legal liability cover. However, the price and the coverage may vary across lenders. Some private insurers offer this insurance like Bharti Axa, Future Generali and ICICI Lombard.
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Exclusions in Home Insurance:
Most of the home insurance policies have certain exclusions. Listed below are the most common exclusions:
A home insurance policy comes with added benefits and riders that add convenience to life and finances. Given below are some of the benefits of availing a home insurance:
There are some important features that you must consider before purchasing tenant insurance. Listed below are some features of a tenant insurance policy that you must ask of your insurer:
Given below are some important points that a tenant must follow while renting a property or house:
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