Your landlord has insurance so you are sorted right? Well, not always. In most cases, a landlord’s insurance policy will only cover structural damage to the building itself. If your flat were to go up in flames, your landlord’s policy would not cover you for your lost or damaged personal possessions.
So what can you do?
Tenants can choose to purchase cover for their personal property. Tenant contents cover is purchased on a new for old cover basis. After all the furniture you bought several years ago for £650 might only be worth £100 today, but it would cost £900 to replace. New for old cover ensures that you can replace yesterday’s purchases at today’s prices.
To ensure you are properly protected in the event of a claim it is important to know what you own and its value:
Create extensive records of your possessions – Experts recommend that you take close-up and wide-angle pictures of individual belongings. Then make an item-by-item list so that you can quickly skim to see what items are documented. Some people find it easier to keep their lists of belongings grouped according to the rooms where they are located, while others group their belongings by item type such as jewellery, artwork, books and furniture. However you decide to record your possessions, it is a good idea to store the information in at least two different places.
Do your research – Even though your kitchen table may have cost you £500 when you first bought it, a comparable new one could cost you double that amount, so that is the amount of cover you want. Check out websites and local furniture stores to research comparable prices.
So what else are you covered for?
In addition to protecting your personal property, tenants’ insurance can also protect you in the event that you are responsible for injury or property damage to others. That means you will likely be protected if a guest to your home slips and sprains his or her ankle.
Liability can also provide cover for your legal expenses whether an incident occurred within your rented residence or elsewhere. It is always worth checking that your insurance has liability cover included.
Make sure to set aside some time each year to review your policy and ensure that the amount you are insuring and the cover you are purchasing are still applicable. Take the time to read the entire policy—especially the exclusions— after all the worst time to discover your cover isn’t what you thought is when you need to claim! .
If you would like to discuss your tenant contents insurance requirements why not contact Northwood Insurance today on 01905 888 275.
Northwood Insurance Services and Northwood are trading names of Jelf Insurance Brokers Ltd (Reg No. 0837227), which is part of Jelf Group PLC (Reg No. 2975376), and is authorised and regulated by the Financial Conduct Authority (FCA). Registered address: Hillside House, Bowling Hill, Chipping Sodbury, BS37 6JX. (Registered in England and Wales). Not all products and services are regulated by the FCA.
Source: Zywave: Know Your Insurance – Understanding Tenants’ Insurance