Tenants insurance is a variation of contents insurance which is specifically designed for people who rent property and is tailored to meet their needs. Tenants need contents insurance as the landlord cannot be responsible for insuring their possessions. However, tenants can be liable for any damage they cause to their landlord’s goods, and this is something which is catered for by specialised contents insurance for tenants.
Tenants contents insurance policies cover up to the agreed amount of personal possessions, as well as cover up to the agreed amount of the landlord’s goods. The sum insured of the landlord’s goods is usually significantly lower than that of the personal possessions, but it is up to you to reach an agreement with your insurance provider as to how much you want to insure your and your landlord’s possessions for.
An additional add-on which may also be of interest to those renting a property is accidental damage cover for both personal possessions, as well as those of the landlord. This optional add-on is advisable as broken windows and spillages on light carpets, for example, can be very costly accidents to rectify.
Do bear in mind that you need not worry about cover for any damage to the building, as this is the responsibility of the landlord. You need only to ensure that your possessions (and those of the landlord that you want covered) are insured.
For tenants insurance, it is likely that you will get the most suitable cover from a specialised insurance company. In the past, these had been hard to come by, and many tenants paid over the odds for home insurance where the minimum insured amount was well in excess of what they actually required. With the growth of the rental market, the number of specialised rental insurance providers has increased, and there is no longer the need to fall in to this trap. What’s more, these insurers will also take into the account of your situation, such as how many people you are living with, and design a cover plan accordingly, with appropriate premiums.
*All information displayed in this table is subject to change. Please consult individual insurers for terms and conditions.
