House prices are still well beyond the reach of lots of people. Mortgages have become more difficult to get as banks restrict their lending criteria. Hence, an increasing number of people are renting as opposed to buying a home.
Renting brings with it its own responsibilities. Tenants of course must of course pay rent and most bills. However, they often forget to pay contents insurance.
Contents insurance is not compulsory. However, it is often sensible to have the protection this cover provides. You may not consider that you possess a great many personal possessions. However, their collective value soon adds up. How much would it cost you to replace your TV, iPod, laptop, your DVDs or your mobile phone should they be stolen or catch fire?
What is Covered by Tenants Contents Insurance?
Tenants contents insurance usually provides cover for your possessions against loss or damage by smoke, fire, theft, lightning, flood and water or oil escape.
It usually covers personal belongings. However, it can also provide cover for furniture and electrical items like washing machines and tumble dryers, as well as your bicycle.
However, diverse insurance companies offer diverse policies. Certain insurers will refuse to insure your contents should you be living in shared accommodation, like a student house. Other insurance companies may refuse to provide you with a quote should you rent an already furnished property.
Do not get contents insurance mixed up with buildings insurance, which provides insurance cover for building structure, which is the landlord’s responsibility.
What Level of Cover do I need?
It is not straightforward to calculate the cost of replacing your home contents. Certain insurance companies offer online calculators. It is highly advisable to make a list of all everything you own, by room
Try to ensure that the figure you have insured your contents for is up to date and get in touch with your insurer should you purchase a more valuable item, like a flat screen TV, that could affect your contents cover.
Should you possess anything of particular value, you may have to provide all the details on the policy. It is also highly likely for you to have a limit on any claim.
Will a Basic Policy Cover my Needs?
Should you purchase a basic contents insurance for tenants, it is going to be cheaper than a policy which provides more comprehensive cover. Certain extras may be worth the higher premium.
You are also able to extend your policy to cover your personal possessions when you remove them from your home, e.g., your mobile phone, camera or iPod. The additional cover ought not to be too expensive and will give you peace of mind.
The majority of insurance companies can insure your personal and your landlords contents against accidental damage. This cover can prove very useful; say when you accidentally spill paint on the landlord’s carpet. You will of course save money on a new carpet and safeguard your deposit.
How can I Make Savings money on Tenants Contents Insurance?
- It is worth shopping around for a good deal on tenants contents insurance.
- It is also advisable to read our guide on Contents Insurance.