When you’ve got rental payments and other bills to make, the last thing you want is to have to fork out to cover the cost of replacing or repairing possessions that have been damaged, lost or stolen. This is where tenants’ contents insurance comes into its own. Providing you with protection for everything from clothing and electricals to jewellery, this form of financial cover can help you ensure you’re not left out of pocket. If you’re deciding whether or not to purchase a policy like this, here are three things you should know.
It’s not required, but it’s highly recommended
You’re not required to take one of these policies out, but it’s highly recommended that you do. Without this protection in place, you could find yourself in financial hot water further down the line. No matter how careful you are with your possessions, there’s always a chance that something will go wrong. Knowing that you have a suitable policy in place will give you peace of mind that if problems do arise, you’ll be able to afford to deal with them.
You can tailor your policy to suit your needs
These policies can vary considerably from provider to provider in terms of add-ons and exclusions. This means you’ll need to pay attention to the small print when you’re searching for an insurance product. For example, HomeLet Tenants Insurance can include a variety of additional policy features, including accidental damage to electricals like DVDs, audio equipment and TVs. It can also incorporate tenancy liability protection. This covers the cost of any damage you do to your landlords’ fixtures, fittings or furnishings. Extra insurance like this is particularly important if your tenancy agreement specifies that you are responsible for meeting any such expenses.
You can also tailor tenants’ insurance to include extensions to accidental damage protection for possessions you take out of your home, such as push bikes. It’s worth considering getting personal legal protection as part of your policy too. This will ensure you don’t have to cover solicitor bills if you need to seek legal guidance to defend yourself against common legal claims.
Before you commit to any particular policy, make sure you’ve read through the small print and it meets all of your practical needs.
You’ll be expected to pay an excess if you make a claim
Bear in mind that if you do need to make a claim on your tenants’ content insurance, you’ll be expected to pay an excess. For example, if your excess is £100 and you put in a claim for £3,500, your cover provider will pay £3,400 and you’ll be expected to stump up the rest. So, make sure you choose a policy with an excess you can afford.
Having financial protection in place that matches your specific needs as a tenant can be a big weight off your mind, so it’s worth making the effort to find the right policy.