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Tenants Contents Insurance



Tenants and Renters Contents Insurance

As it has become increasingly difficult for first-time buyers to get a foot onto the property ladder, more and more people are choosing to rent their homes. There are of course advantages to renting, such as greater flexibility and being able to live in areas that might otherwise be beyond your means; however when it comes to insuring your possessions, tenants can sometimes encounter difficulties in finding good value and appropriate cover.

In the UK it is the responsibility of the landlord to protect the fabric of the building, but tenants are responsible for their own contents and furniture. As a result of the differing needs of tenants compared to homeowners, renters are likely to find that mainstream homeowners’ insurance policies not only don’t provide the right level of cover but also charge a higher than necessary premium.

Insurers face a different risk profile when assessing the risks associated with renters: in addition to the risks to tenants property, there are also risks associated with tenancy agreements and the complex liabilities and responsibilities associated with these. Many standard insurance policies do not take into account the specific needs of tenants, who often find they are expected to pay high premiums as a result.

The good news is that more and more specialist insurance providers are emerging that offer policies tailored to renter’s and tenant’s insurance. These companies have developed a sound understanding of the issues faced by tenants who may have fewer possessions than the average homeowner. They also offer specialised add-ons, such as options to cover the landlord’s furniture and property against accidental damage, reducing the likelihood of disputes down the line. So if you are renting and looking to protect your property, it is well worth investigating specific tenants policies to ensure you get the best deal.