The simple answer to this is yes! This is surprising to many people who rent their homes, who assume that as the property belongs to their landlord, they have no responsibility if anything goes wrong with it.
Most tenants know that they need to purchase contents insurance to cover their personal belongings, but few know that they can also take out tenant liability insurance, which will ensure that they are covered for any deductions from their deposit.
Is it a legal requirement?
Tenants are not legally required to take out insurance. However, while not obligatory, it is prudent to consider obtaining insurance if you keep valuable items such as mobile phones, computers, jewellery, or bicycles in your rented property. Contents insurance protects your possessions from damage or theft.
Ensuring that your policy also covers your landlord’s fixtures, fittings, and furnishings can save you money, as damage to any of those can be costly when the time comes for your deposit to be returned to you.
Shared houses
If you are sharing a house or flat with others, you have the option of either acquiring a collective policy covering all occupants or obtaining individual coverage for the contents of your specific room. Informing the insurer about your house-sharing arrangement is sensible, as they might require confirmation of locks on individual room doors.
You should be aware that if you have a collective policy and one person makes a claim, it will affect your insurance premiums for the next five years, regardless of whether you are still living with them.
What is the difference between contents and tenant insurance?
Contents insurance covers the cost of replacing or repairing your personal belongings if they are stolen or damaged.
In the event of an accident, tenant liability insurance will cover any repairs that are required for the landlord’s furnishings, fixtures, and other property. For items that are particularly expensive and to protect your belongings when they are outside the property, you might be able to get extra coverage.
Buildings Insurance
Insuring the building is your landlord’s responsibility, so you do not need to take this out.
What is not covered by insurance?
Normal deterioration due to use (wear and tear) is generally not included, and the same applies to situations of non-forced entry. For instance, if you inadvertently leave a window or door open and a burglar takes advantage of this to steal your belongings, your insurance company won’t cover this. Additionally, there are instances where coverage may cease if the property remains vacant for a specified period, often around 30 days.
When you make an insurance claim, it’s customary to have to pay an excess. However, the specific excess sum varies based on the policy you have. It’s crucial to check this before purchasing an insurance policy, as it will provide you with clarity on the amount you’ll be responsible for covering in the event you need to make a claim.
Are you looking for a property to rent?
If you are looking for a property to rent in Falmouth, Penryn, Truro, Helston and St Austell please give us a call on 01326 331812 or send an email to hello@llcoproperty.com so that we can add you to our earlybird list so that you will be one of the first to find out about our available properties.
