Things to know about Tenant Insurance

Tenant insurance

If you are one of the millions of people living in the rented accommodation in the UK, the things you own like furniture, clothes and electrical items are what make your home. So there is a good chance that your landlords have insurance in place. But landlord insurance UK only provides a cover for the building and contents of your landlord. One thing this insurance does not cover is tenant’s belongings, so tenants have to purchase a separate policy to protect their belongings named Tenant Insurance.

It is a great tool to protect personal possessions, and it also provides liability coverage to the tenants. You can add additional covers according to your requirements. Here in this article, we describe some tips that will help you determine which policy is best to protect you and your content.

Check the Policy’s Period

When purchasing tenant insurance, the first thing you should do is shop around and make a comparison. You can also compare insurance providers using online comparison websites. One way that the online comparison sites can show low rates of companies compared to their competitors is that they show policy rates of six months as opposed to annual rates. You should read the fine print of policies so that you can understand the real time frame of the insurance policy. 

Understand What a Renter Insurance Policy Does Not Cover

When you buy tenant insurance UK it does not protect you for everything_for example, earthquakes, landslides, floods, war, nuclear hazard, intentional loss or damage to contents, neglect of property and governmental actions are not protected. Similarly, if you live in an area where the risk of flood is high and think that your renter insurance will cover you, think again! You need to purchase a separate cover for flood protection. However, flood damage to a certain limit is covered by a standard policy. 

Look What Renter Insurance Does Cover

A standard tenant insurance policy covers certain perils, such as fire, storm, theft or vandalism. Other than those perils, all the property is not protected in the same way. Three is also a preset limit for high-value items. For example, if your jewellery and electronic items are capped at £500, your apartment is robbed, and your brand new laptop is stolen, you will only be covered up to £500. Before purchasing a policy, you should make an inventory of your items and estimate their value so that you can get the right cover. 

Remember Your Property Is Not 100% Covered.

Renter insurance is the best way to protect your belongings, but if there is damage to the building, your insurer may not cover you for this. Therefore, you need to get a cover for accidental damage so that you will be covered if you accidentally cause damage to your landlord’s property. 

Understand The Value of Protected Property

Another thing that you should keep in mind while purchasing tenant insurance is the actual value for which it provides cover. Look whether it covers what it is worth today or what it was worth at the time of purchase. Some policies provide the actual cash value, and others provide replacement cost coverage. 

Whenever you think of purchasing a tenant insurance UK you must shop around to look for the cover it is providing so that you can get the best coverage at an affordable rate.

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