Tenants Insurance

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Tenants Insurance

Worryingly most tenants tend to overlook insurance options when it comes to moving home as they are usually pre-occupied with other tasks.

In the past, insurance specifically designed for tenants has been hard to find, with many tenants paying over the odds by taking out home insurance where the minimum insured amount is well in excess of what the tenant requires.

However the demand for specific insurance products has grown in recent years due to more and more people choosing or being forced to live in rented accommodation. A rise in house prices has left many with renting as their only option.

Is it Needed?

Insurance can prove an invaluable investment when moving into rented accommodation. Taking out a tenant's insurance policy can protect your deposit (that you will have paid to the landlord or letting agent before moving in) and also cover you for any other accidents which may occur during your stay at the property.

Unfortunately accidents can and usually do occur, causing irreparable damage in the process, such as spilt red wine on a light coloured carpet. The cost of this type of accident can in some cases amount to hundreds of pounds to replace the carpet, as can the costs of a broken window or damaged furniture. A tenants insurance policy can cover these misdemeanours, so don't neglect taking out adequate cover.

Types of Cover

Searching for an insurance policy to provide you with the right cover in rented accommodation can be a tricky task. Make sure you go to an insurer who mainly specialises in this area, but remember to expect high quotes from many companies. Taking out insurance with an insurance provider who doesn't specialize in this area could result in you, as a tenant, paying more than is necessary for your premiums. Specialist tenants insurance will provide more cover than a student possessions policy but less than a home insurance policy.

Another factor to enquire about when looking for tenants insurance is if your property is completely covered, e.g. some insurers may only cover rented accommodation in certain areas. There are policies available that cover every situation, from cover for one person sharing a house with others to a couple living together, so be aware and check the small print on your policies.

What's Covered?

All insurance companies will need a required amount that you wish to be insured for, so you will need to add up all your possessions, including items such as kitchenware and furniture which are often overlooked.

It is important to remember that covering the contents of your house should be your main priority, while cover for the building is the landlord's responsibility.

Other benefits which may be available on certain tenant insurance policies include cover for the contents of your freezer, if for some reason there was a disruption to the power supply, bicycles and other items which may be taken away from the home, e.g. a camera or laptop. Remember to compare cover option for a number of providers, as Tenants insurance policies will usually differ for each one.

Home Emergency Cover Option

Cover for home emergencies can be included in some policies and can prove to be invaluable. Having someone to contact 24/7 in case of a home emergency, such as burst pipes in the middle of winter, can be very reassuring. This additional cover can prove very useful if your landlord does not live near by or your letting agent does not operate an emergency telephone number. So when confirming your policy, remember to enquire about extending your cover to include home emergency.

Cover options

• Cover for possessions can range from £3,000 to £40,000 on an old-for-new basis.
• Individuals and couples can be covered in shared accommodation.
• Up to 6 people sharing one house/flat can all be covered under one policy.
• Option to extend the cover to include accidental damage to personal contents.
• Optional all-risks cover is available for valuable items including laptops and bicycles taken out of the home.
• Cover whilst in garages and outbuildings is possible, providing there has been forcible and violent entry.
• Computers are covered as standard, as long as they remain at your main address.
• Freezer contents cover is included, free of charge.
• Legal expenses cover is available.
• Payments can be made over 12 months.
• 10% security discounts for some areas in the country.