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5 common tenant insurance myths in India
When you rent out the new place, you must think about where to put plants. How you decorate your flat. Don't let the tenant's insurance get lost in this houchpoch . When you buy tenant insurance, you'll probably come across lots of tips and information - but how much of what you're reading is really true? Let's take the five most common myths about tenant insurance.
Myth: Your rental policy also protects the things of your housemates.
Reality: Tenant insurance protects the tenant listed in the insurance, not all occupants of the space - all co-lodgers need the tenant's own insurance to protect their property. Also, did you know that tenant insurance protects more than just your property? Any comment contained in the policy applies only to the tenant whose name is mentioned. This is why it is so important for all housemates to have their own tenant insurance.
Myth: Tenant insurance covers damage to the building you live in, such as a broken window.
Reality: When you are a tenant, your tenant's insurance does not cover (but does not own) any part of the building or structure you live in, including its windows, doors, walls, or any equipment or accessories owned by your landlord. If someone breaks your window and steals your property, your property would be covered by your policy, but your landlord's insurance would cover a broken window.
Myth: Additional living expenses coverage gives for the whole cost of alternate living arrangements when you have to leave your rental unit because of a fire or other event.
Reality: The additional living costs or loss of use are intended to cover any additional costs you incur as a result of the insured event in excess of the normal cost of living. This means that if your rent was originally Rs8000 a month, but you now have to pay Rs 11000 a month for another location, you get an extra $ 200 a month. And if there was a kitchen in your flat, but there is no other place, you should be paid the extra cost of food, because they exceed the average food bill.
Myth: Tenant insurance covers all your belongings, including electronics and valuables.
Reality: Your standard tenant insurance policy is likely to protect most of your property, but there are some items with large tickets that come with special restrictions or require extra coverage (eg electronics, sporting goods, jewelry, items removable, computer software, and bicycles). ). Find out how to make sure all your valuables are insured in the event of loss or damage.
Myth: After something happens, you can buy rent insurance and apply right away.
Reality: Like all other types of insurance, you must have landlord insurance in place before anything happens, which requires you to make a popup claim with the definition of the claim. Insurance does not cover any event that occurs before buying insurance, and you never know when the unexpected might happen. Contact your licensed insurance intermediary, who will open a context window with the definition of the intermediary and ask you to secure your coverage before entering security. Here are a few of the most common myths about tenant insurance, but there are many more. Shopping nearby with a licensed broker is a great way to make sure the information you receive is always accurate and up to date. Your broker can help you find the best coverage to suit your needs. They will be here to destroy other myths that appear along the way.
