Is there a need to take home insurance for the components inside that the tenant will bring?

[cheran]

Is there any penality if i did not take insurance for my vehicle as per law?

[VVidya]

Tenant's Components will not be covered under Owner's Home Insurance. However, Owners and Tenants can opt for the contents cover for fire as well as burglary.

In India according to The Motor Vehicles Act, 1988, It is mendatory to have Motor Insurance(Third Party) when driving in a public place because when you are driving you are a potential threat to the property and life of other people. It protects you from any liability arising from the use of a motor vehicle. Therefore, Comprehensive cover is best as it covers “own damage” as well as “liability". 

[N.Kumari]

Hi,

If tenant has purched home insurance for content then it will be covered. However, if the owner buys home insurance then the tenant's content will not be covered.

Also, if the house owner has contents that belong to him/her, then home insurance for content can also be opted for.

This is a pertinent question considering that not having a valid third party car insurance policy can lead to hefty fines and even confiscation of your driving license. Hence it is essential to have at the very least a third party insurance policy. Having said this, it is also beneficial because it is cost effective when compared to other plans and also saves you from legal hassles

[N.Kumari · Accepted solution]

Hi,

Tenant can take coverage for content inside the owner house, however owner can take coverage for building but not for the content which belong to the tenant.

Yes, there will be penatly , Each and every vehicle should have Third party policy as per Motor Vehicle act.

if your not having proper vehicle policy ,then there might be some heavy fine to be pay.