Do you rent your home? Yes! Do you still need home insurance? Yes, but only contents cover. Read on and all will be explained.
There are three main types of home insurance. Buildings insurance, contents insurance, combined buildings and contents insurance. If you’re a tenant then, lucky for you, the buildings insurance is the responsibility of your landlord. It covers the structure of the building, including walls, windows and roof, plus permanent fixtures like baths, toilets and fitted kitchens. It might also include other buildings like sheds and garages.
Contents Insurance covers all the possessions within your home, including appliances, furniture, clothes, jewellery and other personal possessions such as televisions and tablets. This is the type of insurance you might want to take out if you’re a tenant.
What is contents insurance for tenants?
Tenants’ insurance or rental contents insurance is essentially the same as home contents insurance but tailored to meet the specific needs of those who rent their home. Tenant insurance is intended to cover your personal home contents, no matter whether you live in a self-contained property or a shared house or flat.
Tenants’ insurance policies will provide cover for students, but students tend to be considered a higher risk than other types of tenants. Students are likely to have a more limited choice of policies, and might face higher premiums too. It’s the price they pay for all those parties and newfound freedom. That said, there are insurance policies especially for students, so it is well worth having a look at those.
Whether you’re a student or not, if you’re living in a shared house, be warned, many insurers will include a number of cover exclusions. Particularly if bedroom doors don’t have their own locks. Make sure you understand what exclusions apply – you do need to read the policy details no matter how dull – so that you’re aware of exactly what is insured and what isn’t.
Will my landlord’s insurance cover me?
Some landlords will have contents insurance on the property you rent. This is particularly likely if you rent your home furnished. You can find this out from your landlord, letting agent or housing association. It is still a good idea to take out your own personal rental insurance even if your landlord does have contents insurance. Why? To protect your own personal belongings.
A contents policy taken out by a landlord will protect only their possessions, such as furniture, carpets and curtains. It won’t provide any cover for your smart phone, laptop or clothes.
You might think it isn’t worth the extra expense, but if you take a moment to add up the value of all your personal possessions for the full replacement cost, the total might surprise you. Could you afford to replace all your things yourself if the worst should happen?
How do I buy rental contents insurance?
Don’t worry – it’s pretty easy. Give us a few details and our comparison page will show you a range of suitable policies. The cheapest policies will be listed at the top. Key features of each policy, like the excess and total amount covered will be clearly shown. Spend a bit of time comparing the different ones and you’re sure to find the right deal at a good price. Click above to get started.