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You only need home contents insurance if you own your own home right? Wrong! Anyone in any kind of rented accommodation whether furnished, part furnished or unfurnished can benefit from having home contents insurance for tenants.
Common Misconceptions
Many people labour under the misconception that to have home contents insurance you have to own your own home, and indeed The County Times magazine highlights this here. Let’s dispel that myth here and now, if you rent your home from a private landlord, housing association or a local authority you can insure your home contents. Home contents insurance for tenants is important, even if you are renting furnished property. Whilst your landlord will have insurance for the property itself and any furnishings in it, that will not protect your own personal belongings such as electrical equipment, computers, TV’s, jewellery and so on.
Availability Of Cover
Not all insurance companies offer home contents insurance for tenants but there are plenty who do. It doesn’t matter how much you rent your home for, all you are insuring is your own things, so in a lot of respects this version of contents insurance can be very cost effective because the level of cover may not need to be so high. There is absolutely no reason why a tenant can’t take out a standard home contents insurance policy but it must be very clear exactly what you are insuring as the landlord will have their own insurance, especially if they provide any furniture or white goods.
Benefits Of Cover
Specific home contents insurance for tenants is offered as a stand- alone insurance and the benefit of this specifically is it can be exactly tailored to you and what you have as personal possessions. As with any insurance you need to assess what you need to cover, and again like any other home contents insurance if you have very valuable items they may need to be listed in the policy or covered separately. Just because you rent doesn’t mean you don’t have valuable items you need to protect, so make sure you do provide adequate cover. The danger with tenant specific cover is there can be a tendency to either over-insure and over estimate what they need to cover, or under-insure when they have not done a proper assessment.
If you are a tenant of a local authority it’s easy to make the assumption that you are protected. For instance, if there is a burst pipe that causes damage, the bottom line is you’re not covered, for example, see The London Borough of Barking & Dagenham website. Many local authorities have set up contents insurance packages that they personally endorse but you don’t have to go with their suggestion.
Choose Insurers Wisely
You will always find the best insurance deals on the market by shopping around and doing some comparisons. Once you have an idea of the kind of cover you need it’s worth using that information to compare the packages. A big money saver on home contents insurance is security. If you are able to add any additional security to your home then do so, as it can bring down your premiums, but of course, check with your landlord before making any changes.
Benefits Of Comparing Insurance
Home Contents Insurance
For Tenants
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