Traditionally, home insurance for tenants has not been particularly appropriate. The minimum insured amount is often in excess of what the tenant requires. However, the affordability crisis in the UK means that many more would be first-time buyers are renting. The demand for specific insurance products geared towards the rental sector is not clear, and insurance companies have responded.
In some cases, in shared accommodation, the cost of taking out a single insurance policy for an individual will prove prohibitively expensive. However, some companies specialise in this type of insurance. Tenant’s insurance could protect your deposit, and cover you for serious damage to the home.
When seeking tenant’s insurance, be sure to seek an insurer whose policies are specifically designed for your needs. That way you will avoid paying over the odds, and be covered for what you need.
Be aware that your landlord should take responsibility for your buildings insurance when you are a tenant, and you should be concerned with your contents insurance. Make sure you inventory all items to be considered. Compare cover details between insurers to make your choice.
When taking out tenant’s home insurance, it is also worthwhile extending the cover to include a home emergency. This additional cover could prove vital if your landlord is not nearby, and you have no emergency telephone number to call.