Tenants Insurance allows those in rented accommodation to claim for any personal belongings that are stolen or damaged in their property as a result of fire, flood or vandalism. At Call Wiser, we work with the best Tenants Insurance companies in the UK so that we can find you the best deal to protect your contents.
With bank mortgages being harder to get, it is no surprise that there is a strong demand for rented accommodation in the UK. Whether you are renting a house, flat or home-share, you want to ensure that all your possessions are safe. Particularly in a house with lots of tenants, there are likely to be lot of gadgets in the premises such as laptops and TV and this makes the place attractive for thieves. So having Tenants Insurance means that you can make a claim for anything lost, damaged or stolen so that you can replace your items in no time.
Call us on
0333 003 3270
and speak to the experts today
Tenants Content Insurance is the main type of insurance for tenants because it covers any personal items that could be potentially damaged, lost or stolen including:
The majority of household goods that are shared between tenants will be insured and covered by the landlord. This includes communal furniture and white goods such as refrigerators, washing machines and dishwashers – so tenants do not need cover for this.
Content Insurance for Tenants is not a legal requirement but it is recommended, especially given the risk of living in accommodation with a lot of people where things can easily get damaged or go missing. Particularly in the event of floods, fire or theft, having the right cover in place means that you can have your personal possessions paid for and replaced quickly.
You also have the option to apply for ‘cover on the go’ which allows you to take personal items out of the house and still be covered in the event of damages. This is ideal for mobile phones or laptops which you may regularly take out of the property with you.
Other Tenant Contents Insurance policies include specialist student policies for laptops and textbooks. Also, if you have a lot of tenants in one house, you can create a joint policy to put everyone’s content under one policy – but this can become a nuisance as people come and go.
The best way to approach how much Tenants Insurance you need is to make a list of everything you own and its value. To do this easily, you can always use a contents insurance calculator for free. You will then conclude that your contents are worth a certain amount e.g £10,000
It is always worth over insuring your contents because insurers tend to pay out what the item was worth at the point it was stolen or broken. For instance, if you have a working laptop that is 6 years and it gets stolen, the insurers will only pay you the cost of a 6 year old laptop which might not be nearly enough money to replace it with a new one. The truth is that most people under insure their contents – in fact the average household typically undervalues their items by as much as £24,000. However, over insuring your contents means that in the event that they need to be replaced, you will actually get the right amount you need.
Typically, the higher the amount of contents you are insuring such as £50,000 or £150,000, the more you will pay to insure them. However, a tenant can usually insure their basic contents for under £100 per year.
If you have already purchased your insurance policy, you must let your insurers know of any extra big purchases such as a TV or bike otherwise you will not be covered for them.
Not covered in Tenants Insurance are any damages to the physical building because this is usually covered by landlord insurance. This includes any damages or repairs needed to the fixtures, walls, carpets and roofs due to fires, flood or vandalism. It is the responsibility of the landlord to cover these to ensure that the premises are viable for tenants to live and pay rent.
Accidental Damage Insurance provides cover for any damages caused by the tenant to their own items. For instance, accidentally dropping your phone down the toilet or dropping your laptop and it breaks. Accidental Damage will allow you to cover any items damaged that were your fault.
Tenants Liability Insurance provides cover for any damages that tenants cause to the landlord’s property. A rented property will always be restored and maintained by a landlord and will include furnishings and white goods that will continue to be used by other tenants after you leave. So if you accidentally ruin a piece of the landlord’s furniture by spilling coffee or red wine on it, you will be able to pay for it to be cleaned through your Tenants Liability Insurance.
Alternatively, the landlord might take out any money needed for cleaning or repairs out of your deposit. Nonetheless, replacing furniture could cost hundreds of pounds so it could be worth adding Liability Insurance which only costs a few pounds extra a year.
Call Wiser is a trading name of Be Wiser Insurance Services Ltd. Registered in England No. 6097813. Be Wiser Insurance Services Ltd are Authorised and Regulated by the Financial Conduct Authority 465471