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Do We Really Need A Renter’s Home Protection Policy?

Gift your home an extra layer of protection because there is no point crying over spilt milk

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Millennials these days are no different than early nomads. We are eager to pick up our lives and settle somewhere completely different without a sweat! But the struggle of adjusting to new city, finding the right place to rent, moving and starting a whole new life gets very real, very fast. Adding to that, we also have to worry about safe guarding our belongings. While our landlord is comfortable as he can opt for an insurance for the structure of the house, there is no protection against theft of the belongings and content in the house. 

Most of us in this generation are born with a wanderlust. Unfortunately, while we travel, it is also the time our houses are the most unprotected. Let’s face a face, burglar steal the content of the house and not the building. There’s always a chance of burglars robbing the house of all your precious gadgets and appliances. And can you imagine the horror if a natural disaster takes place and your house is affected?

We have recently seen natural disasters completely washing away houses that were built on strong roots during the Kerala Floods. While the house is insured by the landlord, you also need to protect your belongings in which you have invested your hard-earned money. 

Out of 100,000 households, 600 are burgled every year. And most of these break-ins happen when the occupants are away celebrating the holidays. So now, think what are the chances of your home being one of the 600? The odds might be low, but they are not zero. Are the valuable possessions and belongings in your house worth taking the chance?

So, what’s Home Protection?

A home protection protects your home and its belongings in the event of unfortunate happenings like burglary, accidents, disasters etc. You can buy a suitable plan for home protection. The plan types allow you to protect just the building, or the contents of your house, or both as a comprehensive plan.

What should be covered?

Apart from the building, you can secure valuable contents of your house against burglary/damage including furniture, home appliances, electronic items and even jewellery. Here are some coverage your home protection should cover:

  • Coverage against burglary

Just like movies, robbers can always find a way in no matter the security. Especially, during festive season when houses are very vulnerable. So, when you apply for a home protection and opt for a coverage amount that would cover the valuables of your house. In the event of a burglary, you can claim the cost of replacement within the coverage amount. For example, an avg. 2BHK home in a city like Delhi in a decent locality, would have valuables worth 3-5 lakhs at least, which means that should be the coverage amount you should choose.

  • Coverage against accidents

Imagine, it’s a festive weekend and you’re chilling at home with friends. Just then, a rocket decides to drop in from the window and, before you know it, your house is on fire. That’s an accident where you wish you had home protection, which would have covered all your burning losses. 

  • Coverage against natural disaster

We can never guess what nature has in store for us. But we can certainly plan for its occasional fury. Your home protection will cover your home’s contents against natural disasters such as floods, tsunami, earthquake, cyclone etc. Especially, if your home is located where natural disasters do hit the town or city, this protection is especially important. 

So, if logic has busted the myth that you don't need home protection, you will not leave your home unprotected while you are away on a vacation. Gift your home an extra layer of protection because there is no point crying over spilt milk. 

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.

Tags assigned to this article:
real estate

Vivek Chaturvedi

The author is Head of Marketing, Digit Insurance

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