Insurance As a Tenant

Even though the house price bubble has popped and prices are falling it can still be very difficult to get onto the property ladder. The problems in the financial sector have resulted Gardening Expenses In Accounting in banks and lenders expecting ever larger deposits from those wishing to buy a house and this can mean that actually purchasing a property is impossible for many people.
Many people, therefore, are turning to renting as the only way of getting their own home. Whilst renting has often been considered (in the UK) as the poor relation to buying, many housing experts and indeed several famous property developers choose to live in rented accommodation.
When it comes to getting home insurance in a rented house, things can be a little difficult. A good landlord will have a comprehensive insurance Apartment Bedroom Ideas For Couples policy on the fabric of the house but it is unlikely that their policy will cover your possessions so you’ll have to get your own policy.
One of the problems can be that unlike when you own your own home you are not solely responsible for the security of the house. If you are sharing your accommodation with other people, them leaving a window open or the door unlocked can result in your suffering a theft. Getting a specific tenant’s insurance is a way around this as it insures only your possessions in your room.
Unlike home insurance policies where you pay for both buildings and contents insurance the landlord should cover the fixtures and fittings meaning that you only need to insure the possessions that you own.
You can further reduce the cost of your insurance by getting particularly expensive items insured independently. Firstly, having something obviously valuable on your policy can raise the cost of the whole policy because it will draw the attention of someone wishing to perpetrate a crime. Secondly, if you have an expensive item that is stolen it will then have a knock-on effect on the premium costs on all your possessions, not just that one item.
Having separate policies may appear to cost more, but they probably won’t do by all that much and will be cheaper in the long run. One thing that you should keep in mind is the level of cover you get for items when they’re away from your rented accommodation. Some insurers may offer cover within the UK or EU for a specific period of time within your insurance policy, but it is best to check and adjust your policy according to your needs.

READ  Calculating Your Personal Property Value For Home Insurance