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Tenants insurance
What is Tenants Insurance?

Many tenants who rent their home make the mistake of thinking that they do not need to take out any kind of insurance policy (such as contents insurance) as they are not the property owners. In this situation you may, for example, simply assume that you will get the coverage that you need from your landlord who will have his/her own policies in place to protect his/her own property and its contents.

But, the fact is that every tenant should look to take out some form of tenants insurance. These kinds of policies will give you the coverage you need in the event that something happens to your own property or person. If, for example, your apartment is robbed then you will probably find that your landlord’s insurance coverage only works for his/her possessions. Without your own contents insurance, you will not be able to claim back money for any of your OWN possessions that are damaged or lost. So, it makes sense to take responsibility for arranging your own insurance coverage.

Common features of tenants insurance policies

The actual coverage you get for this kind of insurance policy depends on the actual policy you opt to take out and the insurer that sells it to you. Your options here include:

  • Personal possessions coverage: This kind of insurance coverage will give you contents insurance protection against loss or damage to your personal possessions. Your landlord is NOT responsible for covering this in his/her insurance policies.

  • Accidental damage coverage: This feature would give you insurance coverage if you accidentally damaged your home or items within it (either your own or your landlord’s if you take on a liability feature).

  • Alternative accommodation/rent coverage:  If you cannot live in your rented property because of a specific event or occurrence that makes it uninhabitable, then this kind of tenants insurance feature will pay your rent if it still has to be paid and may give you alternative accommodation costs as well until the property is fit to move back into.

The key factor to remember is that landlords only have to have insurance policies that cover their own property and/or possessions. So, if you have no form of tenants insurance coverage and your home is catches fire, is broken into, or flooded, then the landlord will claim for loss or damage to his/her possessions. If any of your possessions were stolen or damaged then you will only be able to make a claim if you have your own contents insurance policy.

In order to get the right kind of tenants insurance at the right cost it is important to shop around. Read the terms and conditions of any contents insurance policy before you make an application to make sure that you are getting the right kind of coverage to suit you and to give you adequate protection. And, remember, investigate buying this kind of tenants insurance policy online as you could get an internet discount on your premium costs!                  

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