A simples guide

Insurance for rental properties

You worked hard for your possessions so it doesn’t matter whether you’re a tenant living in a rental property, or a homeowner, you don’t want to lose them all, and suffer significant financial loss to boot, because of a simple oversight.

 

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Insurance for rental properties

You worked hard for your possessions so it doesn’t matter whether you’re a tenant living in a rental property, or a homeowner, you don’t want to lose them all, and suffer significant financial loss to boot, because of a simple oversight.

What insurance do tenants need?

When you rent an apartment or a house, the landlord will take care of buildings cover, so the landlord will have insurance in place to cover the damage to the building itself. Your possessions, though, are your responsibility and you should make sure you have the right insurance.

There is a common misconception that people living in rented properties need a different, special type of insurance policy specifically for tenants or renters. This is simply not true. To protect your possessions from theft, loss or damage, renters need a home contents insurance policy, just the same as a homeowner does. 

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What do I need contents insurance to cover?

If you have a break-in, a fire or even a pipe bursts, then you can lose, or suffer damage to everything you own. The last thing you would need is to find out then is that there is no cover in place. Make a list of all your worldly goods, from your flat screen TV down to your jewellery and clothes. You might be surprised by the value.

You may have an impressive array of gadgets and expensive items too, so you should make sure that they are listed, valued and named on the policy itself. 

Things to consider when you are renting

You should make sure you keep track of your own possessions. Keep receipts where possible, particularly for your more expensive items, but at the very least make sure there is some kind of evidence that they exist. Take photographs of your furniture, electrical items and jewellery. List their value, model number and other useful information and keep some kind of running valuation. It will help to speed the process up if you ever do need to make a claim as you may have to prove that you owned them.

This may seem like a Herculean task, but it is only a big job, once. Then you simply have to update your records occasionally. You will be glad you did it if you ever have to make a claim as you will have an accurate set of records for the insurance company. You will have to do a list at that point anyway and it will be far more difficult from memory.

On that point, don’t just save your list on a computer, either, back it up to cloud storage. If your computer is stolen or ruined and the only record of your inventory goes with it, then that would be a bitter pill to swallow.

 When renting a property you do still need to take responsibility for keeping your possessions safe, so take care of them with the right level of contents insurance cover for you and your things. And remember renter’s insurance is just contents insurance – same protection, just a different way of living.

You can ensure you are getting a great deal on your home contents insurance by comparing leading providers to assess your options with just a few clicks of your mouse, right here with us.

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