If you’re renting maybe a flat or being a part of a house share, you should consider a contents insurance policy to protect your belongings!
What does tenants’ insurance cover mean?
Tenants’ cover is a form of contents insurance which is designed to protect your possessions from floods, fire damage and theft. But this isn’t a policy for people who have tenants you guys will need to look a more specific landlord’s insurance policy.
Though it’s not a legal requirement for tenants to have this insurance, it’s worth considering plus you should be prepared that some landlords may even request that you do.
Remember if you are in a house share not only do you have to make sure that everyone pays their fair share of the cost of the policy, you must you also have to amend the policy whenever one of the housemates leaves or another joins.
The contents policy covers:
- Clothes and jewellery
- Gadgets, appliances and electronics
- Books, CDs & DVDs
- Cutlery and crockery
- Antiques and family heirlooms
How much cover do I need?
It’s not easy to work out how much it would cost to replace your home contents. Some insurers offer online calculators, but the best advice is simply to make a list of everything you own, room by room.
Remember to contact your insurer if you buy a bigger ticket item, such as a flat screen television that could affect your contents cover. If you own anything particularly valuable, you might have to give more specific details on the policy. There will also most likely be a limit on any claim.
What’s an excess?
An excess is the contribution you agree to pay towards any claim, the excess is split into two different types:
Compulsory excess – The amount your insurance company requires that you pay towards any claim made on your policy.
Voluntary excess – The amount you agree to pay towards the claim in addition to the compulsory excess.
Using a comparison site allows you to compare multiple policies in a quick and easy search, and Give as you Switch to help you compare product features along with price.
Need more help?
If you’re a student? Check out our guide to insurance policies for students here
Looking for home insurance? Find out what policy you need here