Home insurance and Rental insurance?

Hi All,

I am NRI and just returned back to India after spending 6 years in US. I have two properties in India - Pune and Mumbai. I am living in the mumbai and the Pune property is rented out. I just wanted to know -

1. Whats the difference between home insurance and rental insurance?
2. Is it a good idea to switch home insurance to rental insurance?

Thanks
Sushant

Hi Sushant,

Welcome to India!
In India we have only Home Insurance Policy not Rental Insurance.

Now what Home Insurance cover in India? (From Owner and Tenant Prospective)
Owner or landlord (if he is the owner) takes out Home Insurance policy and is responsible for payment of the premiums. If building is leased or rented out, it does NOT cover tenants personal property, such as furniture, electronics, etc.

Tenant takes out Home Insurance policy to cover only his personal contents not the building and Fixed assets like Geyser, TV, Fan and other things rented out with the house.

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Originally Posted by Sushant

Whats the difference between home insurance and rental insurance?

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In india we have one one home insurance.

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Is it a good idea to switch home insurance to rental insurance?

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NA

Actually, homeowners and renters insurance cover the possessions in your home or apartment against damage due to fire, smoke, lightning, theft, vandalism, explosion, windstorm, water, and other disasters listed in your policy. In fact, renters insurance and homeowners insurance are almost identical in this type of coverage, but only home insurance provides coverage for the structure.

Buy to let home insurance is often referred to as landlord insurance. This type of policy is purchased in addition to homeowner's insurance.