UK Home insurance for tenants

It is in your best interests to take out tenants contents insurance when you rent any type of property, be it furnished or unfurnished. It doesn't matter how long it is for that you are renting, you are likely to have had to pay a deposit. This could be around one month's rent. It allows you to secure the flat and it insures the landlord against any damage that you might cause to their property.

You are still responsible for the contents of a fully furnished home, even if you do not own them. You will not be responsible for any natural wear and tear, but should there be damage to furniture that can be proved to have been your responsibility or the responsibility of your visitors, then the repairs to or replacement of damaged items can be charged to you, and taken off your deposit.

So, you will need to cover the value of your deposit. You may also want to cover any of your personal possessions that you bring into the furnished property as well. In addition, your landlord will probably have arranged to insure his/her contents.

Should you be renting an unfurnished property, you will be responsible for insuring your own contents. By extending your policy out to all risks cover, you can also insure your personal possessions outside your rented property.

Most tenants contents insurance policies will cover you for the cost of replacing the locks on the doors due to lost keys. Some policies will replace your contents on a new for old basis.

You can cover your furniture, coins, stamps, household goods, personal effects, and other valuables and collections you have. You can cover the frozen food in your freezer. You can also be covered for money or anything else that might belong to you, just ask the insurer. Ultimately, this type of insurance is covering you against the standard perils which could affect both your personal possessions, and the value of the deposit that you paid to move into the property.

Landlords do also have an important responsibility, which is to be completely responsible for purchasing buildings insurance. They own the property, you as a tenant don't, so they will be responsible if something happens to the property. A landlord should also remember that the deposit paid by the tenant may not always cover the possible damage that may occur when a property is rented out. For this reason, landlords should have their own contents insurance in order to cover the value of property in the flat. Assuming a landlord has also carried out careful referencing of their tenants, good insurance products will reduce the risks they are taking significantly.

 

 

 

 

 

 

 

© AskFinancially.com 2008

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