Most of the tenants are under the misconception that their personal belongings are safe as they are covered under the insurance policy of their landlords. But to clarify, the tenants need to know that their personal belongings are not covered under their landlord’s insurance policy and they are responsible for the safety of their belongings. For this reason, the home contents insurance for tenants is of utmost importance.
For the tenants, many organizations offer tenants contents insurance policies that are catered to the requirements of the tenants. The policies cover the loss or damage to the personal belongings of the tenants. The things that are covered under these policies include furniture, clothes, and other gadgets that may be lost or damaged because of the fire, theft or floods.
If the estimate of your belongings is high, you will be paying higher premiums and vice-versa. You can create an inventory list to get an estimate.
Why do you need Home Contents Insurance for Tenants?
The home contents insurance for tenants might not be compulsory but there are many reasons that support the fact that you must get the insurance done for safeguarding your personal belongings. The reasons that must be considered for getting tenant’s contents insurance done include:
- Theft Protection
You never know when the time is against you and you might face a theft. As a result, you may lose your mobile phone, laptops, clothes, furniture or anything that the thief likes. To make sure that you don’t face much loss, you must consider getting the insurance for your belongings. - Fire Protection
In case of a fire, your landlord’s insurance will only cover the building and the fixtures, But what about your personal belongings. In case of any jeopardy, the whole responsibility for your belongings is yours and this is where tenants insurance can help you. - Protection from the Damages you Cause
If you cause a fire or heavy water flow that causes damage to your neighbour’s property, only you will be responsible. But you will be glad to know that your insurance policy will cover their damage too. - Students’ Insurance
The tenants’ contents insurance is not limited to the families but to the students also. Most of the students live in a rented apartment with their friends. You never know who turns irresponsible and as a result, the damage is caused to your personal belongings. You and your friends can get an insurance policy together that will cover your stuff in case of any jeopardy.
What must you know about the Tenant Contents Insurance?
Here is what else you must know about tenant contents insurance:
- Contents Insurance for Tenants and Households
No matter if you live alone or with your partner or a housemate in a rented space, you can get the insurance for your belongings. You can mention whether you want protection for your bedroom only or whole house, you will get whatever you need. - Furnished and Unfurnished Insurance
The tenancy agreement is different for everyone. If your tenancy agreement requires your insurance policy to insure the building, fixtures and the furniture, you can get the accidental damage for that and your contents too. - Single Items and Valuables Cover
You have many valuable items even if you live in a rented property. You can avail the benefits of insurance for each of the single and valuable items like your phones, laptops, bicycles, etc. - Accidental Damage Insurance
Many insurance companies offer accidental damage insurance and it may be charged a bit extra.
The home contents insurance for tenants is specifically designed for the people who live in rented spaces but require safeguarding of their personal belongings. With the passing time, this type of policy is becoming quite prevalent as it has got to offer numerous benefits to the tenants. While searching for insurance policies, you must consider insurance policies that also offer accidental damage to your contents.
The specialist tenant contents insurance policy is often recommended because you will get the specialist opinions on everything that you choose. You will also be properly guided to make the right decisions. So, before you go for any insurance policy, be sure about your requirements.