Why Do You Need Tenant Insurance?
So you've found your bijou flat to rent in Barnes
, your pied-a-terre to rent in Putney, or your redbrick terrace to rent in Richmond, and you're all excited and ready to move? Good, now don't forget your insurance!Oh, you didn't think you needed any insurance? Well, you don't but it is something you might want to think about.
One of the main advantages, I find, of renting is that if anything goes wrong with the property, it's not my problem, but the landlord's. However, having once lost a T.V, a computer, a DVD player and an Xbox to a flood caused by the flat upstairs, when I was living in a property to rent in Twickenham, I now always make sure I have tenant's insurance. The cost of insurance is an awful lot less than the cost of replacing all those items.
You see the landlord's insurance covered the building and yes, he fixed it up a treat. His insurance doesn't cover your property. Legally, that's your responsibility.
And you might not think you have a lot of stuff but take a moment now, or maybe five and work out the replacement costs for all your kit: your furniture; your clothes; your games, your technology you know, your games console, MP4 player, I-Pad, smart phone, Kindle, laptop etc. It starts to add up doesn't it?
Could you really replace them all if they were all destroyed, damaged or stolen? Eventually, yes, but all at once?
That's why you might want to consider looking into tenant insurance. I say tenant insurance because it is slightly different from standard contents insurance. Some contents insurance providers will not insure your belongings if you live in shared accommodation or rent a furnished flat. This is why you need to look specifically for insurance designed for tenants.
Tenant Insurance, just like any other form of insurance, is offered by many different providers and costs vary from very reasonable to quite pricey, depending on the level of cover you choose.
At a basic level you can use the online calculators that many insurance providers provide on the internet, to work out the amount of cover you need and purchase that level of cover to protect your belongings whilst they are in your rented accommodation.
The next level up is to protect your belongings not only when they are in your home, but also when you are out and about. This makes sense if you can afford it as it will protect your phone, your iPod etc when you are travelling to and from your home.
Finally, if you are a bit clumsy, as I have been known to be on occasions, you might want to get accidental damage cover as part of your policy. This way, if you accidentally drop a bottle of nail polish on the carpet, as I did, the policy pays for the carpet to be replaced. Or when your spaghetti bolognaise (or some other food or drink) explodes on the ceiling, (me again) the insurance pays for it to be repainted. Or when a game of table tennis gets out of hand and a window gets broken (not me), the insurance picks up the bill.
Most of the big insurance comparison sites also offer comparison services for Tenant Insurance. Just make sure before you buy that you know exactly what level of cover you are getting and what the excess will be. But I would seriously consider getting it if I were you. It can save a lot of money and heartache in the long-term.
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