I am staying in a fully furnished service apartment for the next six months. Is it wise to get the contents of this apartment insured?
Devika Banerjee, Bangalore
The fundamental basis of insurance rests on the policyholder’s insurable interest. As you do not have any insurable interest in the contents of this apartment, no insurer will offer you a policy in such case. Do check with the owner of the apartment if the contents are insured and what your liability is in case of any damage to the contents. In case they do not have the contents insured, you could suggest they take one or refuse to agree to the liability in case of any malfunction to say the fridge or TV when you are using it during your stay. The owner could buy a selective content insurance, wherein the contents that are part of renting out are only covered for.
