Tenants very often overlook this, especially those who have
never rented before. A tenant who has paid the first months rent plus a deposit
and administration fees in order to move into the property, insurance is the last
thing on their mind. Recent studies have shown that less only 1 -20 tenants have
any contents cover at all.
Although a conventional home contents policy will give a basic degree of cover
for most insured perils it is not specifically designed for tenants and there
can be some major gaps in the cover you need. Often the minimum sum you can insure
for will be far in excess of what the tenant needs, typically a minimum of £10,000
Most specialist tenant policies will provide the tenant with cover starting from
£2,500 upwards and will usually cover accidental damage that you may cause to
the landlords fixture, fittings, buildings and contents. Should the tenant accidentally
damage the carpet with a wine stain or hot iron or a work surface with a hot pan
mark, these events will be covered. Usually the tenancy agreement will make the
tenant legally liable for such damage, any damage found at the time of the check-out
will be deducted from the deposit or security bond. If the tenant has adequate
insurance these events will be covered, thereby protecting your deposit.
If a Tenant has a
loss through, burglary, fire, flood or other insured peril, which has damaged
their contents and have no insurance for their personal possessions they are then
left with the cost of replacing the items themselves.
Any items of personal property (clothes, furniture, computers etc) a tenant takes
into the property it is their responsibility to insure. Most policies will give
an option for basic cover which can usually be extended to cover high risk personal
items which are taken outside the home, on holiday or Worldwide i.e. Cameras,
sports equipment, clothes, jewellery etc.
In certain high-risk inner city post codes there will usually be a requirement
to have minimum-security locks on doors and accessible windows. Do also take into
account the conditions of insurance policies, regarding keeping windows and doors
secured when the Tenant is not in the property. For further information click
on the appropriate insurance company logos on this page.
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