Why Tenants Should Insure Their Home Contents By CEO Rakesh Jain

Published By: Financial Express​

Published Date: 10-06-2023

A home is more than just a valuable asset for both homeowners and tenants. It is a place of comfort, happiness and cherished memories.

An unforeseen incident, such as a theft, fire or natural calamity, can damage your house and its contents, causing extensive mental and financial distress.

Our CEO, Rakesh Jain, has highlighted the importance of a home insurance policy during such scenarios. While homeowners purchase Home Insurance to cover the building structure, tenants can purchase home contents insurance to safeguard their belongings.

You can purchase an individual cover or a package policy. A householder package policy offers comprehensive protection and covers electronic gadgets, kitchen and household appliances, including breakdown, and home furniture against various risks.

It includes protection against fire-related perils like short circuits, natural calamities such as floods and cyclones, and threats like theft and burglary. In addition, it offers personal accident coverage for you or your spouse in case of death and liability coverage for injuries caused to others due to unfortunate incidents at your house.

Furthermore, he says you can opt for an Alternate Accommodation add-on, which covers rent expenses if you need to relocate temporarily due to repairs at your home.

When purchasing a home insurance policy, he advises full disclosure at the time of purchase and prompt notification to the insurer immediately in case of any incident. The insurer will cover repair expenses in case of damage or reimburse up to the sum insured based on the valuation of items in case of total loss. We may not expect the worst, but being prepared is always wise.