Do you need home insurance when renting?

Zoopla.co.uk property news author explains the importance of contents insurance for property owners and renters.

Renting can be a trouble-free way of putting a roof over your head. Renters don’t have to worry about maintenance costs or property taxes and often times they don’t even have to worry about extra bills as these expenses are included.

This type of renting arrangement can, however, make it all too easy to forget about home insurance. Most renters assume that their landlord’s policy will protect them and their things if something should go wrong.

The often overlooked query, “do I need home insurance when renting?” is really the most important thing to ask. The answer of course is: yes.

When people consider home insurance they are really lumping together two separate kinds of protection. The easiest way to understand them is to picture your house or flat being turned upside down and shaken, everything that falls out would come under contents insurance while everything that remains intact would be building insurance.

Any property owner will have building insurance, and so if your roof caves in or your flat becomes flooded, your landlord’s building insurance would cover these incidents and their respective costs of repair. That said, any damage done to your personal possessions during such incidents would not be covered.

While some coverage is designed specifically for tenants, standard content insurance is usually suitable as it replaces items if they’re damaged due to fire, flooding and subsidence as well as theft and vandalism. It’s also important to protect yourself against legal liability if a visitor hurts herself on your premises. Try to shop around for the best policy and remember that the cheapest policy is not always the most comprehensive.

Anyone shopping for content insurance should be sure that they are able to pay the requisite fees and if possible to consider new-for-old replacement coverage. This particular coverage stipulates that if anything happens to your belongings, your insurance will pay to replace them with equivalent new versions. This type of coverage is especially great for technology and jewellery, but it can increase your premiums.

It’s important to think about home insurance even if you’re renting. A contents insurance policy will protect your belongings from disaster, but most importantly it will provide you with peace of mind, and you can’t put a price on that. If you are on the lookout for a property to rent have a look at the listings on Zoopla

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