A simples guide

Do I need buildings insurance if I rent?

Recent findings have shown that home ownership  for 25 year olds has almost halved compared to 20 years ago.

If you rent an apartment or house then you should think about insurance, but make sure you get the right policy or you could end up spending much more than you have to.

Do I need buildings insurance if I rent?

You might think you need buildings insurance to protect against any damage, but you really don’t. Insuring and repairing the building simply isn’t your responsibility, if you rent from a private landlord, the local authority or a housing association it’s their responsibility to protect the building.

Buildings insurance deals with the structure of the building, the exterior, fixtures and fittings, the central heating and the water system. This is all the landlord’s responsibility and they have to address any issues and either claim from their insurance or pay from their own pocket.

If the landlord has a mortgage then it will normally be a condition of the loan that they have some form of insurance to cover any damage, but again, this is their concern.

To let sign

What insurance should I have as a tenant?

While the landlord has to worry about buildings insurance, a home contents policy is always a good plan if you are a tenant or a lodger when moving house. That will cover the items you own such as clothes, gadgets and your furniture against fire, theft and damage. Some insurers will even extend your cover your valuables if they’re stolen outside the house in a lot of cases, check your policy features.

It’s a good idea to compare policies that provide cover for accidental damage to the property, which can be invaluable if you are responsible for damage caused by a spillage or some other issue that swallows your security deposit and then some.

So you should get a policy, but don’t worry about buildings insurance if you’re renting. That is down to the landlord.  But check out our home contents insurance comparison service to protect your belongings.

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