Many tenants wrongly assume that they are protected by their landlord’s insurance for their personal belongings and liability. However, to get the right cover for your belongings and your liability for your landlord’s furnishings you will need your own tenants’ insurance policy. Here are 5 reasons why:
Northwood highly recommends it
We recommend that tenants take out insurance with a reputable insurer to cover any accidental damage caused to the landlord’s possession as specified in the inventory; as such damage may not be covered by any insurance affected by the landlord. Tenants can take out contents insurance for their own possessions as such possessions will not be covered by any insurance affected by the landlord.
It is cost effective
Northwood Insurance Services can arrange tenants’ liability insurance which starts at £51.50 for up to £2,500 of cover subject to a policy excess, and offers flexibility in the length of the policies for e.g. 6,9 or 12 months. The actual cost will depends on factors, including how much coverage you need and the type of covers you choose.
It provides liability coverage
Accidents do happen, and when they do they can also prove expensive. A cream carpet with a red wine spill could cost hundreds to replace, a cost most wouldn’t be too happy to provide from their own pocket. A tenant’s liability insurance policy covers you against accidental damage to your landlord’s property such as windows, carpets, white goods.
It covers personal property
People often underestimate the value of their belongings, but if you add up your clothing and electronics it probably won’t take long until you are into the thousands of pounds. By choosing to cover your own contents you can protect your personal property against losses, including worldwide cover, accidental damage, fire, theft and flood.
It can cover your belongings when travelling
A contents insurance cover can protect your personal belongings even when they aren’t in the house. Whether in the house, car or with you while you travel your possessions can be covered from loss. If you don’t insure through Northwood Insurance Services you will need to check with your insurer for the details of this on your policy.
The bottom line is that tenants insurance can protect your interests if the unexpected happens to your landlords’ property. If an insured misfortunate event does happen, you will want to bounce back as quickly as possible; the way to do this is by having the right level of insurance and the right covers for you.
Please note, some covers are additional to a standard policy, and certain conditions, limitations, and exclusions do apply to insurance policies.
Northwood Insurance Services and Northwood are trading names of Jelf Insurance Brokers Ltd (Reg no 0837227), which is part of Jelf Group PLC, 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