Many people who live in rented accommodation don’t take out home insurance as they mistakenly believe it’s the landlord’s responsibility. While it is true that the buildings insurance will be covered by the landlord, this doesn’t mean he or she will have paid out on contents insurance for their tenants’ possessions. So, if the property was damaged or broken into, only the structure and the fixed fittings of the property would be covered. Anything that belonged to the tenant would be uninsured.
However, it’s perfectly possible to take out contents insurance for your belongings yourself when living in rented accommodation and
for a relatively small cost too. You may think that you can do without contents insurance, but if you do a quick mental calculation of your belongings, including electrical items like laptop, phone and iPod, it quickly stacks up. How would you replace everything without insurance?
The key to getting reasonably priced insurance is to get a number of different quotes to compare. Make sure you ask for the same level of cover with each insurer to make sure that you are getting truly comparative quotes. If the price is coming up for more than you wished to pay, make sure there are no optional extra features on the policy you’re being quoted for. Examples include home emergency or accidental damage cover.
Make sure you understand what isn’t included in the policy. For example, your possessions will only be insured while in the home you have the policy made out for, not when you are out with them, or staying in another person’s home. If you want to have the items insured while on the move, you need to add personal possessions cover to the policy.
Many insurers offer discounts for those people with multiple insurance policies – home, auto and travel insurance, for example. There are also discounts available to members of trade unions like Unite. You can also reduce costs by increasing the amount of voluntary excess you are willing to pay when making a claim; however, don’t set it too high otherwise you’ll never want to put in a claim! Shop around and find the best deal, but make sure you have the cover you need.