Essential insurance policies every high-rise resident must have for complete protection

Living in a high-rise building comes with unique conveniences—and risks. From electrical fires to structural damage during natural disasters, the potential for unexpected incidents is higher than in low-rise homes. For residents of high-rises, having the right set of insurance policies is not just a smart choice, but a critical safety net.

While most of the buildings have a master insurance policy managed by the housing society that covers the structure, it often doesn't extend to individual flats or personal belongings. That’s where personal insurance coverage steps in.

Home insurance, personal accident cover, renters' insurance (if you're a tenant), and even liability insurance become important. Additionally, with the growing frequency of climate-related events, insuring against fire, floods, and earthquakes is also advisable.

This piece helps you understand the essential insurance policies in high-rise residents should consider to stay financially protected and enjoy peace of mind amidst vertical living.

Living in a high-rise presents unique risks, making it essential to have comprehensive insurance coverage that protects both the building structure and personal belongings. Gurdeep Singh Batra, Head – Property UW (E&S), Risk Engg, Global Accounts and Coinsurance, Bajaj Allianz General Insurance Company, said, "A home insurance policy is crucial, as it provides financial protection against damage caused by fire, natural disasters such as earthquakes and floods, water tank bursts."

"Structural insurance covers damage to the building’s foundation, walls, ceilings, and other permanent fixtures, ensuring that any structural loss is financially covered. Equally important is contents insurance, which safeguards household items such as furniture, electronics, and appliances against theft, fire, riots, malicious damage and storm, flood, tempest, inundation damage (STFI), etc.," said Batra.

For extreme cases where a high-rise is entirely destroyed due to a severe fire, earthquake, or other disasters, total loss coverage ensures financial compensation for rebuilding or relocation.

"Additionally, personal accident insurance is advisable, as high-rise living comes with risks such as falls from balconies or staircases, and this coverage provides financial support in case of injury, disability, or accidental death," Noted Batra.

Health insurance is also essential, covering medical expenses related to injuries or illnesses that may arise from unexpected incidents within the building.

"Renters should consider tenant’s insurance to protect their personal belongings from risks like theft, fire, or STFI damage, as the building’s insurance typically covers only the structure. Liability insurance is another valuable addition, offering protection in case of third-party injuries or property damage occurring within the home, such as fire from one own home affecting neighbouring apartments or accidents in common areas," said Batra.

Thus, by securing a combination of these policies, high-rise residents can ensure financial stability and comprehensive protection against unforeseen risks, offering peace of mind and security in their urban living spaces.