Tenant Insurance
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What is Tenant Insurance?
Tenants Insurance is not one of the most common types of insurance, however, it could save you a lot of money and heartache should anything happen to you, your possessions or even your guests whilst renting a house. It covers many more events than the more popular contents insurance and costs only a few pounds more each month. Most good insurance agents will know the ins and outs of Tenants Insurance and will be able to offer a comprehensive policy at a good price.
Whilst it’s good practice to secure Tenants Insurance before moving to a new house or apartment, the moment of moving is a good time to take a look at just what you might lose should some calamity occur in your new building. Once things are put away, it can be difficult to ascertain the extent of the value of your possessions, but taking a quick inventory during unboxing your belongings might illuminate just how important this insurance would be to your financial well-being.
Tenants Insurance doesn’t just cover the value of your possessions in their current state. Most cover includes a “New for Old” clause that basically means should the toaster your grandmother gave you get swept away in a flood, the carrier will cover the cost of a brand new one that has the same features. Going to estate sales might be a fun weekend adventure, but not recommended for replacing an apartment-full of belongings.
This type of insurance is not just for disasters, but also covers accidents within the home, as well as damage to things carried or worn from the home. Your agent will go over such specifics, but basically when something happens to your things, you’re covered.
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What does Tenant Insurance cover?
As well as the loss of your possessions, other events are often covered by this type of insurance. Other features include Employers Liability Cover, which may seem odd for a renter, but when the jar of coins you’ve been saving falls and hits the repairman on the head, you’re covered. Also, should a guest at your home slip in the bathroom and chip a tooth on the sink, you can refer his lawyer to your insurance agent. Breakages of items that belong to the landlord can also be covered so you will be able to afford to get them repaired, if not replaced entirely (usually up to £2,500, if you wisely requested that cover).
Some policies have fixed limits on different losses, usually up to £300, which normally includes such personal disasters as having the electricity go out and having the contents of your freezer defrost whilst you’re away on holiday; loss of the money in your wallet, (including credit cards); losing your keys and having to pay for a locksmith at 3 am; being forced to move into a hotel for a week while the apartment is being repaired following water leaks (that’s usually 20% of the total insurance); having your wedding or Christmas gifts stolen; accidentally breaking a window or mirror (the glass is covered, not the seven-years bad luck); and any accidental damage to your stereo, television or computer equipment (usually not including laptops - that’s another extra).
When traveling on business or for personal reasons, a simple extension of the policy will cover all your belongings during your journey, which is a much more comfortable cover than going to an agent and buying travel or flight insurance. Recognizing the nature of modern life, most companies offer Tenants Insurance that includes up to six individuals sharing the same flat with one policy and by spreading the payments over 12 months (or less if desired) the cost of insurance can be folded into the split of the rent, therefore, making it easier for all involved.
Why is Tenants Insurance necessary?
The equation is very simple. Look again at everything you’re moving into your new apartment. You probably won’t have time to make a list or use a calculator, but even keeping a rough track of the investment you have up to date is redoubtably significant. Since most people rent before buying their first home, consider how much time it will take you to replenish the savings you just spent to replace everything because a storm broke your windows and the rainwater damaged everything.
Comparing that to the few pounds you might save by not taking out Tenants insurance should provide a clear answer. And best of all, if you purchased the policy before moving, everything is covered en-route as well so you get peace of mind even during the moving process.
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