If I rent a property, do I need to insure my personal belongings?
If you live in rented accommodation there is a good chance that your landlord will have insurance in place to cover the property and his own belongings within that property such as furniture and white goods. However, this insurance won’t cover you as the tenant or your belongings so it really does make good sense to consider taking out a tenant’s insurance policy.
Whilst tenant’s insurance is not a legal requirement it does offer peace of mind and will help protect the tenant should the worst happen. Tenant’s insurance will also cover any damage sustained to the landlord’s belongings caused by either the tenant themselves or visiting guests.
Tenant’s Contents Insurance
Tenant’s contents insurance will cover the majority of the tenant’s belongings in the event of theft, flood, fire or accidental damage and would generally include:
Flexible Insurance Levels – The policies can offer protection starting from just a few thousand pounds right up to £100,000 or more so it is important that the tenant puts the correct value of their belongings on the application form to ensure they receive the correct level of cover.
Deposit Protection – Most tenants’ contents insurance policies help protect the tenant’s deposit by covering any damage to the property and the landlord’s belongings within that property. This type of cover is also known as tenant’s liability insurance.
Legal Cover – Most policies will also provide legal cover should a dispute arise between the tenant and the landlord or the tenant is injured as a result of a fault within the property which was the landlord’s responsibility and the tenant wishes to put in a claim for compensation.
Frozen Food Cover – Often these policies will also include a set amount to cover the contents of the tenant’s freezer which has been spoiled as result of an incident.
Cover For Keys – The majority of policies will also cover the loss or theft of the keys to the property and will pay for the costs of having to have an alarm system fitted or the locks replaced.
Furnishings and Appliances – All furniture and electrical appliances which belong to the tenant will be covered under the policy.
Cash – The policy will also cover any cash or credit cards kept in the property.
Accidental Damage – Even accidental damage to electrical items such as TVs and DVD players belonging to the tenant will be covered.
Alternative Accommodation – Should the worst happen and the tenant is unable to stay in the rental property for a particular length of time most policies will also cover the costs for alternative accommodation.
With the majority of policies the tenant can also extend the insurance to give further cover for items which aren’t included as standard such as garden tools, garden furniture and equipment and bicycle theft or damage:
New for Old – Most insurers operate on a ‘new for old’ system, replacing the tenant’s damaged, faulty or stolen item with a brand new model even if the original was several years old.
No Claims Discount – If no insurance claim is made by the tenant then the majority of insurers will give the customer discounts on further cover.
It is possible to take out a policy even when you rent just a single room such as a student living in shared accommodation or in the halls of residence.
Student insurance enables the individual to insure just one valuable item or a whole host of personal belongings such as their camera, laptop, iPad, DVDs and CDs, their bicycle and even downloaded information stored on their laptop of home entertainment system so that they only pay for the cover they actually need.
The student insurance will also provide cover for accidental damage and vandalism as well as a set amount for the misuse of credit cards in the event that they are stolen.
If you are a tenant and would like to know more about tenant’s insurance please pay a visit to the award winning Online Letting Agent – lettingaproperty.com
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