In the UK, there’s no law compelling tenants in rented accommodation to insure their belongings. But in the event of a fire, theft or other disaster, they might well regret failing to do so, as the insurance of the landlord probably won’t extend to the tenants property, too. If it did, then it would be the landlord’s insurer, and ultimately the landlord, who would have to pay for it.
So why should tenants consider content insurance? Here, we’ll run through some of the most often-cited reasons.
If you’re sharing a space with pets or children, then the likelihood increases that your property may suffer accidental damage. Bites and scratch marks on furniture and carpets might not be enough to tempt you into making a claim – but knocked-over vases, water-damaged electronics and other such problems might.
When you take out your contents insurance, it’s worth checking that each of these problems is covered. Of course, this is a danger even if you don’t have pets or children in the house!
You can cover your portable Possessions
Not all your valuables will be stored in the home indefinitely. Some high-value items, like cameras, laptops and musical instruments, are designed to be carried from place to place; you’ll be able to get them covered through contents insurance, even if they aren’t actually contained in the property. If you work in a profession which requires the use of high-value equipment out in the field, then this advantage becomes all the more compelling.
What about my digital property?
Another thing that’s covered by content insurance are the things you own which are etched into the zeros and ones of your computer’s storage drives. If your computer is stolen, then your contents insurance may be able to cover this – provided that you have opted into the relevant add-on. If your working with files too large to reasonably store on a cloud, this might be worth your while.
What about Food?
When your fridge or freezer fails, there’s a good chance that you’ll lose all the food inside them. If you take an organised approach to freezing leftovers, then this might amount to hundreds of pounds that will need to be spent in replacements. If you’re spending time away from the home, then you might not be able to rescue the food – which is another point in favour of insuring.
One of the luxuries of renting is that it’s easy to move from one accommodation to another, as your circumstances change. A good contents insurance will allow you to migrate your insurance from one address to another. You may be charged a small fee to cover the administrative cost of this, but this is far offset by the convenience. This is especially advantageous for mobile tenants who need to move frequently from one place to the next.
If you’re certain that you’ll be financially secure in the event of a disaster, then you’ll be able to relax. Being conscious that you’re one spark away from losing all your property is likely to cause avoidable stress.