You’ve just moved into your beautiful new home and all that’s on your mind is where you’re going to put the TV, but what would happen should your new 5K television fall victim to an accident or even worse, a thief? This is something that you should consider when debating the importance of purchasing tenants’ insurance. There are a few main reasons why tenants may not feel the need to purchase insurance, these are as follows:
- They simply aren’t aware of its existence – usually under the assumption that home insurance is only available for homeowners.
- They believe it is too expensive and would rather risk living without it.
- They think of it as a waste of money, using the ‘what are the chances’ mentality, the tenant would simply rather risk something bad happening/not happening than pay for tenant’s insurance.
- They believe they are covered by the landlord’s policy – this is not the case.
We strongly believe that tenants should purchase insurance so as to protect their possessions and cover them if liability issues do become apparent. Something to consider is that every tenant’s insurance policy is different, it’s important to understand exactly what your policy covers.
Contents Insurance
Contents insurance should protect a tenant against damage or theft of any of their personal belongings that are in your home or room.
What is Usually Covered?
Most policies will cover damage caused to the tenant’s contents that have arisen through the means of flooding, earthquakes, fire, lightning, riots, theft and vandalism. A good policy should also cover the likes of replacing cash stolen from the home, however there will be a limit on how much you can claim for.
Liability Insurance
Accidents can happen and it’s likely that a landlord will hold you liable for damage and may ask you to pay. Liability insurance should protect a tenant against any accidental damage to the things that are provided by your landlord. This could be things such as furniture, fixtures and fittings which have been stated as your liability in the tenancy agreement.
Belvoir recommend Let Alliance to all of our tenants – they are one of the premier providers of targeted specialised products and related services to the UK’s rental property market.
To contact Let Alliance:
Call 01244 421 167 or email insurance@letalliance.co.uk
Visit their website at www.letalliance.co.uk
