A Guide to Tenants Insurance

Renters across the country have been revelling in the recent coverage afforded to the Tenants Fee Act, which has placed a ban on estate agents and landlords charging for costs such as references, credit checks and professional cleaning. The Government’s aim with the act, that came into force on Saturday June 1st, was to make renting a more easily accessible proposition for millions of people, and it’s been welcomed by organisations such as Shelter for doing just that.

One thing that the act will not do is offer you and your possessions greater protection should an incident, such as fire or theft, occur. Landlords typically have house insurance in place to protect their property in these cases and will be given assistance when it comes to rebuilding, but damage to your personal possessions will not be covered. With that in mind, having a tenants or renters insurance policy in place is the best way to protect your assets.

What is tenants/renters insurance?

In a nutshell, it’s an insurance policy designed to protect you and your belongings should you fall victim to a fire, theft or similar incident. For example, should your laptop or another piece of high-value technology be stolen, a tenant’s insurance policy would cover the cost of replacement. Similarly, should your rented property catch fire and leave you unable to live there during repairs, this policy will assist with the cost of having to live elsewhere in the interim.

What does it cover?

As mentioned, damage incurred as a result of theft, fire or water damage are all covered, but typically policies will often extend to more freak accidents, such as accidentally causing damage to a neighbouring property or should a visitor to your home suffer an injury and hold you responsible. It typically falls into three sections:

• Personal Property – this pays the cost of repairing your property should it be damaged or stolen
• Renters liability – this helps with the cost associated with repairing damage to your rented property or a neighbouring home alongside liability cover in the event of an injury suffered by a visitor in which you are blamed
• Additional living expenses – this assists in the event that you’re forced to leave your property for a period, and can offer help with expenses such as hotel bills, transportation and storage space

If you’re renting your property and want to make sure you’re covered in the event that the worst does happen, talk to us about tenants insurance today.