So you have found the property you want to rent, what do you need to do next? In all the excitement, don't over look insurance, because life happens – and you never know when the insurance needs to kick in! Here we answer a few frequently asked questions.
What is tenants' contents insurance?
There are many home contents insurance products on the market. However, standard cover isn't always suitable for your needs as a tenant. Tenant insurance schemes will cover most of the same things as a standard home contents policy. In the event of a burglary, fire or flood, your insurance will cover the cost of replacing your personal belongings, including:
>Furniture and furnishings
>DVDs and CDs
>Money and other valuables
Some policies will also cover accidental damage too.
I don't have a lot of contents, do I need to bother?
Many people underestimate how much it would cost them to replace their belongings if they were stolen or damaged. Just take a look around your home and see what is there – it is not always the obvious things which you need to consider (such as the TV and computer) but also your clothes, CDs and DVDs. If they were stolen or damaged, could you really afford to replace them all?
I paid for insurance when I bought my tv/washing machine, etc from the shop. What's the difference?
Cover you buy at the same time as the goods is usually called an 'extended warranty'. It offers protection over and above the normal warranty in the event of the goods breaking down. Unlike home contents insurance, extended warranties will not cover damage resulting from fire or flood – or cover the cost of replacing the item.
Why doesn't my landlord insurance my contents?
Your landlord is responsible for the building in which you live and needs to insurance this for any loss or damage to the structure and fittings of your home. This includes things such as kitchen units and bathroom suite – in other words, things which cannot be removed. A landlord does not usually take responsibility for the personal property of a tenant.
Where can I get the insurance I need?
Speak with an insurance company who understand the rental market and your position as a tenant. They can advise you what type of insurance you need to make sure you are fully protected should something happen to your belongings.
If you have other questions, then don't be afraid to ask a reputable insurance provider. Never assume that someone else will take care of your insurance, it really is down to you to protect your belongings. If you stop to think how much you wanted an item in the first place to invest time and money in purchasing it, doesn't it make sense to be able to replace it? You may not be able to do much if your only picture of granny is destroyed or if someone steals your signed copy of an Oasis CD, but you can protect yourself from being without the everyday necessities – like your computer and clothes - and that at least will allow you to get on with life. Can you really afford not to insure?