Why UK Tenants Should Consider Getting Protection for Their Home
Having contents insurance as a tenant is not a legal requirement, but in this economy, most people would struggle to afford to replace their personal possessions if they got stolen, damaged, or broken.
I’m talking furniture, laptops, designer clothes, art, jewellery, TV, bicycle etc – all the things that you carefully invested in.
Various economic forces have applied a squeeze on household budgets across the UK.
Just about everything is more expensive than it was this time last year, and in some cases, the difference is stark.
This puts many households in a precarious situation and makes them vulnerable to sudden shocks, like the loss of an essential appliances.
From £11 a month (that’s about 35p a day), it may be worth considering tenants’ content insurance.
Let’s explore further:
What is Tenants’ Content Insurance?
Tenants’ Contents Insurance is a type of insurance that helps cover the cost of repairing or replacing your belongings if they are stolen or damaged in your rented property.
While landlords are responsible for the building, permanent fixtures, and fittings, as well as the various appliances they have provided, they are not responsible if anything happens to your belongings.
This means they don’t have to replace anything of yours if a fire, flood, or burglary happens in your home.
What does Tenants’ Content Insurance cover?
With a renters contents insurance policy, you’ll be able to claim for damage/theft to most of the following, depending on the details of your policy:
* All appliances you bought for your rented property (such as microwaves, toasters, washing machine, dishwasher etc)
* TVs, DVD players, games consoles, and stereos
* Furniture like sofas, tables, and chairs
* Guitars, keyboards, and other instruments
* Clothes and jewellery including wedding dresses, rings and bracelets, and designer clothes
* Gadgets like tablets, laptops, and mobile phones
* Collectables such as art, antiques, and heirlooms
A tenants’ home content insurance policy covers your personal belongings against circumstances including:
* Water leaks
Contents insurance doesn’t cost as much as you might think. At HomeLet, for example, tenant contents insurance starts from £11* per month for £50,000 of contents cover – which is just over 35p a day. As such, it makes sense to opt for a type of tenant’s insurance – which can also cover you against any accidental damage you inflict on your landlord’s property (this is another type of tenant insurance called ‘Tenancy Liability’)
In addition to covered items above, HomeLet standard policy also covers the following:
* Money (up to £500 for any one claim) and credit cards (up to £200 for any one claim)
* Pedal cycles within the boundaries of your home (up to £500 for any one claim)
* Contents in your locked garage, shed or outbuildings (up to £2,500) An unsecured outbuilding or garage is covered in the event of a theft up to £500 for any one claim
* Replacement locks following theft of keys (up to £1,000) and lost keys (up to £200 for any one claim)
Is it worth getting Tenants’ Insurance?
It’s ultimately up to you.
If your items at home are worth more than £5000 and you think you’d struggle to replace them should something happen to them, then paying a small daily fee for peace of mind is worth it.