How to protect your property with insurance if you're living in rented accommodation.
It is not usually necessary to obtain buildings insurance when you are living in rented accommodation as this is usually taken care of by the landlord. It is however essential that you have adequate contents insurance to protect you financially against theft or damage to your or your landlord's possessions.
A good tenant or student insurance policy should not only provide you with new-for-old cover for your personal possessions, but should also cover accidental damage to the rental property and the furniture and fixtures within. By including accidental damage in your insurance policy you can protect your deposit by having the ability to repair or replace any items let as part of the property should the need arise.
The 'sum insured' is the maximum amount the insurance company will pay out in the event of a claim. When arranging your contents insurance it is important that this amount is sufficient to replace all of your possessions should the unexpected occur. It is advisable to list all of your possessions and work out their approximate value so as to ensure you choose an adequate level of cover.
Specialist providers of tenant and student insurance understand that the insurance needs of those living alone differ from those living in shared accommodation and so will tailor the policy accordingly. All-risk cover is usually offered whereby expensive items such as laptops or valuable jewellery can be covered under the insurance policy when they are taken out of the insured property. Additionally features such as bicycle or outbuilding cover are usually available too.
Student insurance providers will usually offer policies tailored to the unique requirements of students and include features such as course fee cover, course book cover and a higher level of cover for electrical items such as PCs.
By comparing quotes from several specialist tenant and student insurance providers you should be able to find a level of cover suitable for protecting all of your possessions.
