While it’s not a legal requirement to take out any form of insurance when renting a property, it’s often a wise idea.
Landlords will have cover in place to protect their property (buildings insurance) but this won’t cover your belongings and personal items.
As a tenant, it’s likely you’ll need many layers of protection for your home. You may want to consider taking out:
- Tenants contents insurance
- Tenancy liability insurance
- Life insurance
Tenants contents insurance
Tenants contents insurance protects you from accidental damage, loss or theft of your belongings.
Your landlord isn’t responsible for your personal objects so it’s a wise idea to take out contents insurance to ensure your valuables are protected.
In the unfortunate event that your belongings are stolen or damaged (accidentally), without contents insurance, it can become costly to replace these items.
Tenancy Liability insurance
Typically your tenancy agreement will state that you’re responsible for any damage to items provided by your landlord.
Tenancy liability insurance protects you from accidental damage to goods provided by your landlord, such as furniture and white goods, etc.
Tenancy liability insurance is also known as tenants liability insurance.
You may not need this form of insurance if you are renting an unfurnished property.
Life insurance acts as a financial safety net if the worst were to happen and you were to pass away.
It’s a type of insurance that’s often associated with protecting a mortgage but it can also help to ensure that your dependants can continue living in your rented home.
A pay out from a life insurance policy can help your loved ones by providing the funds to continue making rental payments if you were no longer around.
But what life insurance policy is the best option for tenants?...