You live in a rented flat in Bangalore or Mumbai. You have furnished it with love.
A 65-inch 4K TV, a double-door fridge, a plush sofa, expensive laptops, and your wife's gold jewelry in the cupboard.
Value of your items: ₹10 Lakhs.
One day, a short circuit causes a fire. Or a burglar breaks in while you are on vacation.
You rush to your landlord: "Uncle, did you claim insurance?"
He smiles: "Yes, I got money to paint the walls and fix the door."
"What about my TV and Jewelry?" you ask.
"Not my problem," he says.
He is right. His insurance covers the Structure. Only YOU can insure your Contents.
Disclaimer: For burglary claims, a Police FIR is mandatory. Always keep invoices/photos of expensive items for smoother claims.
Why Every Tenant Needs 'Content Insurance'
1. Structure vs. Content (Know the Difference)
In India, Home Insurance has two parts. As a tenant, you only need one.
| Type | Who Buys It? | What It Covers |
|---|---|---|
| Structure Insurance | Landlord (Owner) | Walls, Roof, Ceilings, Bathroom Fittings (Permanent Fixtures). |
| Content Insurance | Tenant (You) | TV, Fridge, Clothes, Furniture, Jewelry, Electronics. |
2. Enter "Bharat Griha Raksha"
In 2021, the IRDAI introduced a standard policy called Bharat Griha Raksha.
It simplified everything. You can now buy a "Home Content Only" policy that covers:
- Fire & Explosion: (e.g., Gas cylinder blast, short circuit).
- Burglary & Housebreaking: Theft involving forced entry. (Note: Simple theft without break-in is often excluded unless you buy an add-on).
- Natural Calamities: Floods, Earthquakes, Storms.
- Impact Damage: If a tree or vehicle hits your house.
3. It Is Cheaper Than Netflix
You might think insuring ₹10 Lakhs of goods costs a fortune.
Think again. Home insurance is the cheapest insurance in India.
💰 Estimated Cost
- Sum Insured: ₹10 Lakhs (Contents Only).
- Annual Premium: Approx ₹1,000 - ₹2,500 per year.
That is less than ₹200 per month to protect your life's savings.
Pro Tip: Ask for "Reinstatement Value" (New for Old) coverage. Otherwise, they will deduct depreciation for your old TV and pay you peanuts.
4. Portable Electronics (The "All Risks" Add-on)
Standard home insurance covers items inside the house.
But what if your Laptop or DSLR Camera gets stolen while you are traveling?
Ask for the "Portable Electronics (All Risk)" add-on.
It costs a bit more, but it protects your expensive gadgets anywhere in the world, not just at home.
5. Important Rule: The "Jewelry Limit"
Every policy has a sub-limit for Gold/Silver jewelry unless you declare it separately.
Under Bharat Griha Raksha, "Valuables" are often automatically covered only up to 5% of the Sum Insured.
Tip: If you have 5 Lakhs of gold, do not rely on the base policy. Buy a specific "All Risk Jewelry" add-on and submit a Valuation Certificate to ensure full coverage.
Don't Rely on Luck
You worked hard to buy that 65-inch TV and that recliner sofa.
Don't let a short circuit or a thief take it all away.
When you shift to a new flat, along with the Rent Agreement, sign up for a Content Insurance Policy. It is the smartest ₹1,500 you will spend this year.
Helpful Resources:
General Insurance Council: Home Insurance Guide
Digit: Renters Insurance Explained
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