Lots of tenants won’t realise that their rental agreement doesn’t include certain insurance policies, and it’s down to them to get that organised. Insurance can feel like money down the drain every month, but it can be incredibly important, and you don’t want to end up without cover if anything happens to your belongings.
Below, Chris Hutchinson, CEO of rental platform Canopy, shares his top tips when it comes to getting insured.
1. Your landlord’s policies
Your landlord might have contents insurance to cover furniture like carpets and curtains that are owned by them. Other cover like landlord insurance, alternative accommodation insurance, and personal injury insurance should be taken out by your landlord, to protect you against any structural damages to your property. It can be important to check these policies with your landlord when signing your tenancy agreement.
2. Tenants’ insurance or Rental Content Insurance
Many tenants are unaware that in most cases, they won’t be covered by the Landlords policy and in turn face being left in the cold should any damage to or loss of belongings occur. In any case, where there’s damage to your property, it can be devastating to lose your possessions, let alone cover the cost to replace them. Tenants’ insurance covers everything from your clothes and jewellery to your gadgets and furniture. It varies in price, and you can grab a cheaper deal with a higher excess, which is the amount you would pay on top of the insurance money claimed.
If you’re in doubt about the collective cost of all your possessions, it can be beneficial to overvalue rather than undervalue when taking out your policy.
3. Tenants Liability insurance
Sometimes sold as a separate policy, tenants liability insurance offers renters protection against some of the most common situations that may lead to you losing your deposit. This could include accidental damage to a landlord’s fixtures, fittings or furniture that are already present in the property you’re renting. This could include a fitted kitchen, carpets, bathroom fittings and any furniture the landlord has provided. It is important to note however that this will not cover general wear and tear, nor will it cover malicious damage.
4. Phone Insurance
Protecting your phone can be a big priority for lots of renters. It’s an extremely valuable possession, and unfortunately all too easy to lose, damage or be stolen, and can then be expensive to repair or replace. Phone insurance doesn’t have to be pricey, and there are lots of new companies that offer fair prices and simple deals for people wanting easy cover.
5. Bike insurance
If you’re an avid cyclist or a new bike owner, then bike insurance can be vital. Especially in large cities, bike theft is unfortunately very common and often it’s extremely difficult to get it back. Shop for insurance that offers cover for theft, damage, and loss, giving you peace of mind that your bike will be replaced or fixed if you make a claim.
It’s essential to look at the small print for policies such as bike insurance as it’s likely that they’ll be important conditions, such as that you’re using the most secure bike locks or a cap on the number of days you can use your bike abroad.
6. Pet insurance
If you’re lucky enough to find a rental where you’re allowed to keep pets, then taking out pet insurance is a must. Cats and dogs especially are wonderful, but pricey companions, and you can rack up big vet bills over the course of their life. Shop around for the best policy to suit you, and your pet, and it’ll be valuable reassurance that your pet is thoroughly protected in your new home.
