There are so many different insurance policies on the market covering a huge selection of options that it can be really difficult to decide which policy is suited to your particular needs. For example tenants insurance is not the same as student insurance. Sometimes we decide that we do not need cover in certain circumstances without actually researching the facts regarding whether cover is necessary. It is always best to err on the side of caution rather than be caught out. You may save yourself a few pounds but eventually find that without cover you have landed yourself with a huge bill that could otherwise have been settled by an adequate insurance policy.
I Am Renting a Property Do I Really Need Insurance?
The simple answer to this question is yes you do. Many tenants wrongly assume that because they do not own the property and are renting that they do not need tenants insurance. Your landlord will have an insurance policy to cover the building plus the fixtures, fittings and any furniture items that he has put in the property for the tenant but he certainly does not cover anything else.
Tenants who are renting an unfurnished property are responsible for insurance cover to protect their furniture and personal belongings. If you owned the property you would still take out contents cover for your personal things so why would you not ensure you are covered while renting? If the worst should happen such as fire, a break in or accidental damage to your things you need to have a good insurance policy covering such an event.
Why Am I Not Covered By My Landlord?
It is not the responsibility of your landlord to protect your possessions it is yours. Your landlords insurance will not cover you if:
- Your personal things are lost or stolen
- Will not supply you with money for an alternative place to live following a fire
- A visitor is injured during a visit
Do I have Enough Personal Possessions to Warrant Insurance?
It is surprising once you start an inventory of the things in your apartment just how much stuff you have! It is interesting to see by completing an inventory how many possessions you actually have. Your list may include:
- Electrical equipment including television, computer, laptop, mobile phone, CD Player, Hi Fi, printer and DVD player.
- Furniture including lounge and bedroom items plus linen and towels.
- Sports equipment such as racquets, golf clubs, bicycles, ski equipment etc.
- Clothing and footwear, replacing coats such as leather jackets or boots can come to quite an amount.
- Kitchenware such as dinner services, pans and cookware.
- Jewellery and tools such as electric screwdrivers
When you look at this list you will agree that you certainly own more than you realise plus if you had to begin again from scratch the cost would be immense.
What if I live in Furnished Accommodation?
Even if you live in a furnished place it is still advisable to take out some sort of contents cover. You will still have personal possessions that need insuring in any case. It is a good idea when renting a furnished place to take out accidental damage cover. Even though you don’t own the furniture or carpets what if you spill something that stains heavily or damage a piece of furniture. Most landlords appreciate that wear and tear will happen but if you damage an item he may require you to replace it. If damage is caused by a leaking pipe or boiler (these are the responsibility of the landlord) to the landlords carpets or furnishings then you will not be liable.
As you will have paid a bond or deposit when you signed up a landlord is quite within his rights to deduct money from the bond if you damage an item. Tenants who have an adequate insurance policy can be covered for such an event taking away the worry plus it also will give a tenant peace of mind knowing that if damage does occur the insurance policy will cover the cost.
Is Anything Else Covered by Tenants Insurance?
Yes if requested your tenant’s insurance policy can cover liability should a visitor have an accident while visiting. For instance what if your friend catches her foot and falls down the stairs of your apartment? Liability cover will mean that if she sues you will be covered taking away the worry and stress financially.
Will It Cost Me a Fortune?
We always worry about our outgoings as these days we seem to have so many, while making ends meet can be a problem. Tenants insurance is not that expensive plus is well worth the premium as it covers so much. For a small monthly sum tenants can buy peace of mind safe in the knowledge that if the unexpected happens they will be covered by an insurance policy. As per the Tenants Agreement, tenants cannot afford to ignore the fact that replacing lost goods or paying out for an accident would cost an absolute fortune, so it is false economy to not have insurance.
Can I share the Cost of Tenants Insurance with a Flatmate?
In some cases, yes you can. You must declare to the insurer that you co-own the items that you wish to insure. Make sure that both names appear on the policy. If you or your room mate decides to move out you must let the insurer know so that the name can be removed from the policy changing the policy to a sole name only.
Can My Landlord Insist I have Insurance Cover?
Your landlord cannot insist that you take out any insurance at all; it is the tenant’s decision only. Some landlords may do a deal with a tenant in that if they have adequate insurance cover they will reduce the rent slightly. This of course is up to the landlords discretion so don’t rely on it. In the final analysis it is your responsibility as tenant to make sure that you are covered.
Where Do I Get My Tenants Cover?
There are many insurance companies that specialise in tenants insurance policies. Contents cover for tenants differs from contents cover required by regular home owners. Some policies set minimum cover levels that tenants don’t really need so it is best to shop around using comparison sites such as Go Compare, Compare The Market & Confused.com.
Is My Property Covered Away From Home?
You will need to check your policy to find out if you are covered in this way. Some policies cover certain items when you take them away from home. An example would be items of jewellery such as watches or your mobile phone. You may have to buy additional cover at a small cost to insure possessions that you take away from home. Speak to the insurer about this; do not presume that you are covered. Bicycles are a good example as some policies will cover them in the home but not away from the home so check.