Insurance for Tenants

Although it is the landlord’s responsibility to buy building insurance, this does not cover the possessions owned by the tenant. Furthermore, it will not cover damage to fixtures and fittings by the tenant or a person associated with the tenant. This section of ibuytolet deals provides a guide for tenant insurance.

As a tenant, there are several insurance points worth bearing in mind. Tenant insurance is relatively cheap compared to other insurance policies. Comprehensive tenant’s insurance should cover house contents, damage to fixtures and fittings (thereby preventing loss of your deposit), liability in the home, money and valuables, food in the freezer and malicious damage. There are other extended forms of cover for possessions away from home, and to protect rent payments.

Liability issues mean that tenants insurance should be considered an essential. For instance, if the tenant is responsible for an area of the house and someone injures themselves, the tenant will be liable and not the landlord. 

Tenant’s insurance generally operates in a similar manner to standard home contents insurance policies. Monthly premiums allow the tenant to claim; although a qualifying period and excess fee are usually put in place. The level of the cover, from basic to comprehensive, is up to the tenant. The policy should at the least cover all of the tenant’s major possessions.

Tenant insurance policies either pay out to the cash value (adjusted over time) of an object, or on a new-for-old basis. As a landlord, it can be worth reminding tenants that a personal injury claim could easily become extremely expensive. Small monthly premiums can guarantee peace of mind for the tenant.