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.