Tenants often mistakenly believe that if their possessions are damaged or stolen while they’re in the property, their landlord is responsible for compensating them and will be able to claim on their own landlord insurance policy.
However, that’s not the case – a landlord’s policy only extends to their own property and contents, which is why all tenants should consider taking out tenant insurance.
To give you an idea of the importance of taking out insurance, here are the five most common tenant claims we processed for the 2022/3 year, together with the potential cost of repair or replacement:
The tenant insurance policy we offer can cover you for:
Importantly, the insurance also protects you financially in case you accidentally damage your landlord’s furniture, fixtures and fittings.
As with any insurance, there are limits to the amount that will be paid out, there may be an excess to pay and there are exclusions – i.e. things and circumstances in which you won’t be covered – so it’s important to check these with your insurer. You should always make sure you read the policy terms and conditions for more details about the levels of cover. The cost of a tenant insurance policy will depend on the property itself, the location and the level of cover you choose. Our policies are £11.45 per month and £15 per month for the basic cover.
When taking out an insurance policy, it’s important to understand the policy limits and take out additional cover for more expensive single items if necessary, to make sure you will get the right level of financial compensation if you need to make a claim.
You can easily get a tenant insurance quote online via our website or by calling our team of insurance specialists on 01903 890044.