How do I insure my belongings in an apartment that is rented?

A content-only plan can cover different contents of your home, including electrical and electronic appliances like fridge, TV, AC, refrigerators etc. It also includes furniture and any fixtures you might have done in your rented apartment. You can also separately get coverage for valuables like jewellery, any expensive work of art, collectibles and any curios separately. This will protect your home assets in case any damage occurs to them.

To get your belongings insured, you provide the insurer with the list of items in your home along with their estimated value. If any claims arise, the insurance company will determine the replacement value of the belongings. Insurers may consider factors such as depreciation and wear and tear when assessing the value. It is crucial to review the terms and conditions of your policy in order to fully understand what is covered as well as any limitations or exclusions that may apply.

I recently bought a villa in south Bengaluru and wish to purchase home insurance for the same. I want a plan that can cover my home as well as assets like furniture, electronics, etc. The surrounding localities in my area were submerged due to flooding last year. Does home insurance provide coverage against that? Also, are there any add-ons I should look out for?

—Name withheld on request

Considering you want to protect both the building structure as well as the assets in your home, you can opt for a comprehensive home insurance policy that covers both the structure and contents of your home. A building cover protects your house from any type of natural disaster like floods, cyclones, storms, earthquakes and even against fire, explosion, riots, among others. Similarly, a content cover will protect your personal belongings like electronic appliances (such as refrigerators, TVs, air conditioners), furniture, fixtures, any home furnishings, among others.

Any jewellery up to a certain sum insured, any expensive artwork or collectibles can also be insured.

Apart from the coverage provided in a comprehensive home insurance plan, there are few additional covers or add-ons offered by insurance companies. For example, you can get an add-on to compensate you for any alternative accommodation in case you need to relocate to a place if your home becomes uninhabitable due to a disaster.

Other add-ons include loss of rent, burglary cover, machine breakdown cover, key and lock replacement, protection against terrorism, among others. Add-on coverages vary from insurer to insurer. Evaluate your requirements and customize a plan accordingly.

Vivek Chaturvedi is CMO and head of direct sales at Digit General Insurance

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Published: 15 Feb 2024, 11:20 PM IST