Home Insurance
I live in a rented apartment. Do I need home insurance?
Yes! As a tenant, you need contents insurance to protect your belongings:
- Electronics (TV, laptop, fridge)
- Clothes and personal items
- Jewelry and valuables
- Cash at home
- Important documents
Your landlord’s insurance only covers the building structure, not your stuff inside.
How do I decide how much sum insured I need for home insurance?
For building:
Current reconstruction cost (not market value)
- Check with local contractors: ₹1,500-3,000 per sq ft
- Example: 1,000 sq ft apartment = ₹15-30 lakhs reconstruction cost
For contents:
For contents
- Furniture, electronics, clothes, jewelry, etc.
- Quick estimate: ₹3-5 lakhs for middle-class household
What disasters are typically covered under home insurance?
Standard policy (like Bharat Griha Raksha) covers:
- Fire and explosions
- Lightning strikes
- Storm and cyclone damage
- Flood and water damage
- Riots and strikes
- Earthquakes (inbuilt cover)
- Vehicle impact damage
Are there any common exclusions I should know about?
Watch out for these typical exclusions:
- Normal wear and tear
- Gradual leakage (unless sudden and accidental)
- War and nuclear risks
- Electrical breakdown (unless it causes fire)
- Termite and pest damage