When you have signed on the dotted line of a new tenancy agreement and paid your first month’s rent it can be tempting to avoid spending any additional money.
Although insurance policies can often feel like pouring funds down the drain, it is important to ensure you protect yourself.
Before you commit to a landlord, there are two main questions to consider:
What insurance does my landlord have in place?
Before signing your tenancy agreement, ask the agent which types of insurance policies the landlord holds. At a minimum, a landlord should always have buildings insurance. It is worth asking if the buildings insurance policy includes alternative accommodation cover, as this would give you somewhere to stay if your home became uninhabitable following an event like a fire or flood.
Typically, a landlord will also insure the contents of the property you are moving into. Ask what is covered by their contents insurance policy, such as furniture, carpets, curtains and other fixtures and fittings.
What is the best type of tenants’ insurance for me?
Many tenants are unaware that, in most cases, their belongings are not covered by their landlord’s insurance.
Tenants will need their own insurance to protect their belongings against situations like a fire, flood, water damage or burglary, for example. Exactly which items are covered by tenants’ insurance will vary from one policy to another but, typically, you will be protecting the value of personal possessions like clothes, jewellery, furniture, electrical items, replacement locks following theft or loss of keys, cash stolen from your home and bicycles whilst on the premises.
If you are an existing tenant or you are thinking about renting, contact us for more information.