Assurance on Security, Protection and Peace of Mind

RENTERSINSURANCE

Paymatrix is India's leading Property Rent management platform that enables thousand of tenants, landlords and property managers to better manage their rentals. We facilitate monthly rent payments and rent deposits on credit cards and also through easy EMI options through alternative credit channels. In addition, we offer comprehensive rent management solutions including Rental documentation, Tenant screening services, Renters and Landlords insurance, rent in advance and multiple property management.

About Paymatrix

Introduction - Renters Insurance

Household belongings are one of the most important possession of a home dweller and that's even more precious for a tenant who moves from one house to another. Any loss or damage to it due to unforeseen circumstances is a very harrowing experience and sometimes the financial burden due to the loss can have a lasting impact on a family.

The impact of loss or damage is much more devastating for the companies working out of leased or rented space, that may be cripple the entire operations and their company might go financially sick if the loss hasn't covered through appropriate insurance instrument.

We, at Paymatrix, understand this problem of tenants, both individual home dweller and commercial players, very well and we have tied up with insurance companies to have an exclusive insurance product designed for tenants. This can act as a potential guard against various risks and contingencies. We also made sure this exclusive insurance product is priced extremely competitive and in the same time provides utmost safety to you, your family and your commercial entity.

Who can buy Renters Insurance

The commercial tenant, who are having their business operations running out of a leased

or rented property (i.e. commercial buildings)

There are two kinds of tenants who can purchase our renters' insurance product

The residential tenants, who are home dweller, who live out of a rented property

(i.e. flat / apartment / individual house )

How to purchase Renters Insurance Purchasing the Renters insurance is a very simple process.

Step 1:

Step 2:

Existing customers

New customers

Guest customers

(a) Guest customers

(b) Coverage Premium

(a) Login into your Paymatrix account

(a) Signup for Paymatrix account

(a) Click the 'Get Quotation' button in the renters insurance page

(b) Login into your Paymatrix account

(c) In the left menu of your dashboard, click the 'Get Insured' tab

(b) In the left menu of your dashboard, click the 'Get Insured' tab

(c) If you have multiple properties you will get a popup to select the appropriate property. Please select the property to be insured

If you an existing user, then the basic profile and the property sections will be pre-populated.

Enter your basic profile information and click 'Proceed Next'

Select the insurance coverage type and also the coverage that you need and click 'Get Insured'

Sign In Get Quotation Payment Policy disbursal

(c) Disclosures

(d) Summary

'Standard Fire & Special Perils Insurance' is the standard policy cover

The Add ons can be selected as per your choice

Coverage of a particular insurance coverage type can increased only step wise (i.e. by Rs 1 Lakh or 10,000 based on the coverage type )

Final coverage amount can be seen in 'Total coverage' column

The 'Total Amount to be paid' is the quote for the renters' insurance

Step 3:

Enter the policy start date, property address to be insured, insurance policy communication address and the asset disclosures. Read through the disclaimers and click 'I Agree'

Check if all the information that is provided by you are correct and click 'Pay Premium'

Nominee name and the Nominess relationship to be entered if the personal accident insurance type add-on is selected

Asset disclosure value should be less than the total coverage that is provided in the 'Coverage Premium' section

In the payment page, select the Payment method you want to use ( we support Credit Card, Debit Card, Net Banking, UPI and Wallets - Freecharge, Olamoney, Airtel Money, PayUmoney and Oxigen )

After entering the Payment details click 'Pay Now' button

(a)

(b)

Once you complete the Payments you will get a confirmation pop-up message and also a mail confirmation regarding the Insurance purchase. It will take 2 Business days for you receive the actual policy documents.

Scope of the Renters insurance

Standard Fire & Special Perils Insurance

Applicability

The residential tenants, who live out of a rented property

The commercial tenant, who are having their business operations running out of a leased or

rented property (i.e. commercial buildings)

Standard Fire & Special Perils (SFSP) insurance is available for both the type of tenants i.e.

General Information

Loss of Rent

Standard Fire & Special Perils (SFSP) insurance covers against loss or damage to contents in the property due to Fire, Lightning, Explosion, Aircraft damage, Riot, Strike, Malicious damage, Storm, Tempest, Flood, Inundation, Subsidence / Landslide including rockslide, Bursting and / or overflowing of water tanks, Leakage form Automatic Sprinkler Installation

Loss of rent is covered in the event when one of the fire perils occur, and renders the premise unfit for occupation

The amount payable under the policy will be equivalent to the rent lost for the duration for which you can't pay for the rent subject to the limit of sum insured

The amount payable shall be upto the sum insured on Rent and till the period the actual premise is reinstated

Additional expenses of rent for an alternative accommodation in respect of nonmanufacturing risks may be covered on the following basis

Alternate Accommodation

Policy may be extended to cover the above subject to following :

The period of Indemnity may be limited to the period during which the original premises remain untenantable as a result of occurrence of perils insured against

The additional expense recoverable under the policy may be additional rent actually paid i.e. the difference between the new and the original rent only.

Certificate from the Local Municipal Authority or an Architect to the effect that premises in question are untenantable will be accepted as adequate proof of the fact that the premises, in fact, have become untenantable.

Details of assets Plant & Machinery, FFF (Furniture, fixtures, fittings), Stocks and Stock in process, Other contents

Requisites

Exclusions

Damage caused by war, invasion, act of foreign enemy hostilities or war like operations War, Civil war and nuclear perils

Loss due to pollution or contamination excluding that which is resulted from a peril hereby insured against

Loss, destruction or damage to bullion or unset precious stones, any curios or works of art for an amount exceeding Rs. 10000/-, manuscripts, plans, drawings, securities, obligations or documents of any kind, stamps, coins or paper money, cheques, books of accounts or other business books, computer systems, records, explosives unless otherwise expressly stated in the policy

Loss, destruction or damage to the stocks in Cold Storage premises caused by change of temperature.

Loss, destruction or damage to any electrical machine, apparatus, fixtures and fittings arising from over-run, excessive pressure, short-circuiting, self heating or leakage of electricity from whatever cause

Loss of earnings, loss by delay, loss of market

Loss, or damage by spoilage

Loss by theft during or after the occurrence of any insured peril except as provided under RSMD cover

Applicability

Requisites

General Information

Burglary Insurance

Burglary insurance is available for both the type of tenants i.e.

The residential tenants, who live out of a rented property

The commercial tenant, who are having their business operations running out of a leased

or rented property (i.e. commercial buildings)

Burglary Insurance Policy covers against loss or damage to contents by Burglary i.e. actual, forcible and violent entry of and/or exit from the premises. Currently theft is not covered as a part of this insurance.

Currently, the 10% First Loss Basis is applicable for the Burglary Insurance. i.e. If a tenant take a Burglary Insurance for the Total Coverage of Rs. 10 Crores on the First Loss Basis of 10%, in an event of total loss of contents due to burglary, then the liability of the insurer will be restricted to Rs. 1 Crore.

Hence, it is necessary for the tenants to understand the 10% First Loss Basis before applying for the Burglary Insurance.

Details of assets Plant & Machinery, FFF (Furniture, fixtures, fittings), Stocks and Stockin process, Other contents

Claims experience for past 3 years

Security arrangements at the premises

Exclusions

Deductible stated in the policy

Gold, watches, Jewellery, precious stones, plans, designs, money, business books etc. unless specifically insured

Loss or damage where any insured or member of the insured's household or of his business staff is concerned in the actual theft or damage

Confiscation of items by customs or other authorities

Premises remain unoccupied for more than seven days, unless specifically agreed

Depreciation, wear and tear of goods or equipment

Consequential loss or Legal liability of any kind

Uninformed material alterations in the premises

War, Civil war and nuclear perils

Applicability

General Information

Requisites

Exclusions

Personal Accident Insurance

Personal Accident Insurance is available for tenant who is buying the Insurance and it is applicable for both kind of tenants i.e.

The residential tenant, who live out of a rented property

The commercial tenant, who are having their business operations running out of a leased or rented property (i.e. commercial buildings)

Deductibles stated in the policy

Injury, Disablement or Death of the Insured intentional self-injury, suicide, whilst under the influence of intoxicating liquor or drugs, directly or indirectly caused by venereal disease/s, AIDS or insanity, arising or resulting from the insured committing any breach of law with criminal intent

Injury, Disablement or Death of the Insured due to or arising out of or directly or indirectly connected with or traceable to War, Civil war, Hostilities (whether war be declared or not), and nuclear perils

Pregnancy Exclusion Clause : The Insurance under this Policy shall not extend to cover death or disablement resulting directly or indirectly caused by, contributed to or aggravated or prolonged by child-birth or from pregnancy or in consequence thereof.

Nominee Name and Nominee Relationship is required and will be used during the compensation settlement in case of an personal accident claim

Personal Accident Insurance Policy covers against bodily injury sustained or death resulting from an accident caused by an external means. The coverage includes both the permanent and the partial disability and the dismemberment of the accidental cause.the partial disability and the dismemberment of the accidental cause.

Our coverage premium is one of the most affordable amongst the comparable Tenant Insurance providers in India. We have worked with various insurers and the brokers to come up with these rate to the delight of the tenants.

The Base cover can be increased and the premium changes accordingly. All the three policy the base cover can be increased with the coverage multiple of Rs. 1 Lakh and the Premium increases according to their premium multiple ( as shown in the below table)

If the coverage requirement is more than the Base Coverage, coverage can be increased as a step of Rs. 1 Lakh. Below table shows the additional premium details per Lakh.

Renters' Insurance Premium rate

Base Rate

Policy Base Coverage(in Rs )

Base Premium(in Rs)

Standard File & Special Peril Insurance

Burglary Insurance

Personal Accident Insurance

10,00,000

1,00,000

1,00,000

300

100

50

Policy Coverage Multiple(in Rs )

Premium Multiple(in Rs)

Standard File & Special Peril Insurance

Burglary Insurance

Personal Accident Insurance

1,00,000

1,00,000

1,00,000

30

100

50

Coverage and Premium Multiple

If the tenant requires the coverage of Rs. 15 Lakhs for the contents against natural calamities, Rs.5 Lakh against Burglary and Rs. 5 Lakh against Personal accident, below will be the calculated premium.

Example

Policy Coverage(in Rs )

Premium(in Rs)

Standard File & Special Peril Insurance

Burglary Insurance

Personal Accident Insurance

15,00,000

5,00,000

5,00,000

450

500

250

GST of 18% will be levied on the premium

Renters' Insurance Renewal process

Cancellation process

Insurance can be renewed by the customers through paymatrix with the same process that is being used for purchasing the Insurance.

The Tenant Insurance can be cancelled at any point of time by a notice in writing to us at support.insurance@paymatrix.co.in or to the insurer's email address as in your policy document. This will then be forwarded to the Insurers to get the premium returns as per the insurer's short period rates, provided that there is no claim on the policy.

DISCLAIMER: The above mentioned information is only indicative in nature. For details of coverage and exclusions, please refer to the policy wordings . Insurance is the subject matter of the solicitation.

Contact us

No.02,T-Hub, CATALYST, IIIT-H Gachibowli,Hyderabad,Telangana-500032

+91-7305145146

support@paymatrix.in