Moving house can be exhausting! After paying your deposit, collecting the keys, carrying boxes, furniture, possessions you forgot you had and finding out how everything works, the last thing you want to think about is insurance. Most tenants find that with all the details involved with moving house they often over-look insurance.

In the past, insurance specifically designed for tenants has been difficult to find. Many tenants have paid over the odds by taking out home insurance where the minimum insured amount is well in excess of what the tenant requires.

With more and more people choosing or being forced to live in rented accommodation the demand for specific insurance products has grown. Rising house prices have meant that many people simply cannot afford to buy a house in lots of cases, and renting is the only alternative.

People living in rented accommodation can be doing so in a number of different circumstances. These arrangements can be living with a partner, sharing with a friend or sharing with up to five other people. In these circumstances you may be the only person in the house who wants to take out insurance in which case the premiums could prove very high or that an insurance company simply will not cover you. Take heart – there are companies who specialize in insuring people living in these situations.

Why do I need insurance?

Insurance can prove an invaluable investment when moving into rented accommodation. It is highly probable that you will have paid a deposit to the landlord or letting agent before you moved into the property. Taking out a tenant’s insurance policy can protect this deposit and also cover you for any other accidents which may happen when living in the property.

Accidents do happen unfortunately and incidents such as spilling red wine can cause irreparable damage to a light coloured carpet. The cost of this type of accident can in some cases amount up to hundreds of pounds to replace. Similarly the costs of a broken window or damaged furniture can mount up into hundreds of pounds. A tenants insurance policy can cover these misdemeanors.

Type of insurance

When searching for an insurance policy to cover you in rented accommodation be sure that you go to an insurer who specializes in this area. Many insurers will be happy to insure you but at a price. The implication of taking out insurance with an insurance provider who doesn’t specialize in this area is that as a tenant you could be paying more than is necessary for your premiums. A specialist tenants insurance will provide more cover than a student possessions policy but less than a home insurance policy.

Another point to enquire about when looking for tenants insurance is if your particular situation is covered. Some insurers may want to cover an entire rented property or they may not cover rented accommodation in a certain area. Be aware that there are policies to cover every situation from a couple living together to covering one person sharing with a house of five others. Check policy details to see that your unique situation is covered.

What is covered?

Whichever insurance company you use they will ask you to provide an amount to be insured for. Remember that if you are a tenant it is the contents which you should be concerned about, not the building. It is the landlord’s responsibility to cover the building you rent. When adding up all your possessions to get a total amount to insure, remember to include items such as kitchenware and furniture which are often over looked.

Other benefits which may be available when taking out tenants insurance include cover for the contents of your freezer if for some reason there was a disruption to the power supply, bicycles and items which may be taken away from the home for example a laptop or camera. Remember that the Tenants insurance cover for each insurance provider will differ and so it is very important to compare cover details.

Option of Home Emergency Cover

When confirming your policy it is also worth enquiring into extending the cover to include home emergency. Imagine the situation, it is the middle of winter, in the middle of the night and your water pipes have burst! Being able to contact someone 24/7 to deal with any type of home emergency can be very reassuring. This additional cover can prove very useful if your landlord does not live locally or your letting agent does not operate an emergency telephone number.

When you have bought your Tenant’s Insurance make a note of the renewal date. After finding the right policy you do not want to risk not being covered.

Cover options

• Cover for possessions from as little as £3,000 to £40,000, on an old for new basis.
• Individuals and couples can be covered in shared accommodation - irrespective of how many residents there are.
• Up to 6 people sharing one house/flat can all be covered under one policy.
• Option to extend the cover to include accidental damage to personal contents.
• Computers are covered as standard whilst at your main address.
• Optional all risks cover is available for valuable items including laptops taken out of the home.
• Cover whilst in garages and out buildings, providing there has been forcible and violent entry.
• Payments can be made over 12 months.
• Legal expenses cover is available.
• 10% security discounts for some areas in the country.
• Freezer contents cover included free.