Whether you are renting a property alone, with your partner or sharing with housemates, you are going to need an insurance policy to cover your belongings. Your landlord will, of course, have their property insurance which covers losses to the building itself but, as a tenant you are only covered through tenant’s insurance which you will need to find and pay for yourself.
Here we have compiled details of all you need to know about insurance while renting.
What does tenants’ insurance cover?
Tenants’ cover is a form of contents insurance that is designed to protect all your possessions such as handheld gadgets, CDs, DVDs, electrical appliances, furniture and clothing. Click here for a full list of what tenants’ insurance protects. It protects them from flood, fire damage and theft. Now, although it is not a legal requirement for you to have this insurance, it is highly recommended that you do so that you have everything covered.
How much cover do I need?
It isn’t easy to work out how much it’s going to cost to replace your home contents. Some insurers will offer you an online calculator but the best advice is to make a list of everything that you own in each room. Try to keep this up to date and remember to keep in contact with your insurer if you buy bigger items, such as flat screen televisions, because they can affect your contents cover. Anything you own that is of particular value, give your details on the policy.
If home insurance in general baffles you, take a look at the website dummies, they will give you a step by step guide on how insurance works as a whole and what it’s all about.
If you buy online basic contents insurance, it will be cheaper than a policy which offers you a wider cover. But some of those added extras could be worth that little bit more money. You can extend your policy to cover personal possessions when you take them out of your home – for example, your iPad, mobile phone or camera.
This won’t be too expensive and it will be totally worth it. Most of your insurers will agree to insure both yours and your landlords’ content against accidental damage, which will be very useful. If you’re including accidental damage, your insurance will pay out for it, meaning if you were to chip or scratch the paint off the walls or spill paint on the floor, you’d not only save yourself the expense of new paint or buying a new carpet but it will safeguard your deposit. Win, win situation!
Try to shop around for your insurance as it the best way to save money and find a cheaper quote. But remember to compare them to each other. A policy could be cheap because it’s not offering adequate cover. If you are still stuck with who to go to or need some more information take a look at RAC home insurance extras.