{"id":6661,"date":"2020-01-16T13:56:12","date_gmt":"2020-01-16T13:56:12","guid":{"rendered":"https:\/\/dev.withcreative.co.uk\/lforl\/?p=6661"},"modified":"2020-01-16T13:56:12","modified_gmt":"2020-01-16T13:56:12","slug":"worth-the-risk-a-quick-look-at-tenants-insurance","status":"publish","type":"post","link":"https:\/\/dev.withcreative.co.uk\/lforl\/worth-the-risk-a-quick-look-at-tenants-insurance\/","title":{"rendered":"Worth the risk? A quick look at tenants\u2019 insurance"},"content":{"rendered":"

\"\"<\/a>
\nTenants are often confused about insurance \u2013 whether they need it and whether it\u2019s worth the cost. In this post, we\u2019ll give a few pointers that will help to clarify the picture.<\/h4>\n

Unlike motor insurance, which is a legal requirement before you drive on the public highway, property insurance isn\u2019t mandatory. Broadly speaking, when we are thinking about property, there are three main types of insurance.<\/p>\n

    \n
  1. Insurance to cover the building<\/strong> itself<\/li>\n
  2. Insurance to cover the contents<\/strong> of the building, including personal possessions and furnishings<\/li>\n
  3. Insurance to cover liability<\/strong> for damage to the building or its contents.<\/li>\n<\/ol>\n

    As a tenant, you cannot be forced to take out insurance. It\u2019s up to you to decide to purchase cover or take the risk, but you only need to consider contents or liability cover. Responsibility for insuring the building itself lies with the landlord.<\/p>\n

    The term \u2018contents\u2019 refers to anything that isn\u2019t part of the building\u2019s structure and includes things like carpeting, curtains, white goods and furnishings as well as personal possessions. The important thing to note is that if something is owned by the landlord, it is the landlord\u2019s responsibility to insure it \u2013 if he or she chooses to do so. If the items belong to the tenant, the landlord has no obligation to insure them.\u00a0 That\u2019s why there are specific insurance policies for tenants which exclude the unnecessary buildings cover and often focus on portable personal possessions.<\/p>\n

    The third type of cover, liability insurance, can also be useful for tenants. In essence, it protects the tenant who accidentally damages the landlord\u2019s property. Say, for example, you spill red wine on the carpet and it stains. Without insurance cover, the cost of replacing the carpet could be withheld from your deposit when your tenancy ends. With tenants\u2019 liability insurance, depending on the terms of the policy, you should be protected.<\/p>\n

    So, is it worth it?<\/h3>\n

    While we don\u2019t want to sit on the fence, we\u2019re still going to say it depends on your personal circumstances and your view of risk. You may think you don\u2019t own much worth insuring, but a collection of vinyl, electricals, a games console, a smartphone and a laptop soon add up. Perhaps you\u2019ve got an item of jewellery, a painting, rare books or a rather expensive bicycle. Your landlord won\u2019t insure these items for you. It\u2019s also worth noting that should a pipe burst or the property flood because of extreme weather, if any of your property is damaged, your possessions won\u2019t be covered by your landlord\u2019s insurance.<\/p>\n

    What should you look for?<\/h3>\n

    If you decide to take out contents insurance, look for policies which are specifically aimed at tenants. They are often tailored to suit, flexible and can have terms that match the length of tenancies. \u00a0These policies often have limits on the value of certain items, so check the detail and ask if you need extra protection. Some policies only offer cover for items while they are in the property, but others cover your possessions outside and in normal use. Look out for \u2018New for Old\u2019 cover, too, which ensures you can replace a stolen or damaged item with something that actually works. If you\u2019re a student, look for a policy designed for your needs.<\/p>\n

    If you\u2019re looking at liability insurance, it\u2019s the same story. Look at the detail and check you understand what\u2019s included or excluded. Again, no-one can force you to take out tenants\u2019 liability insurance, but if there is damage to your landlord\u2019s property your <\/em>contents insurance won\u2019t cover it.<\/p>\n

    Key points to remember<\/h3>\n

    You cannot be forced to take out insurance.<\/p>\n

    As a tenant you do not have to worry about insuring the building you\u2019re renting.<\/p>\n

    Your landlord has no responsibility to insure against theft or damage to your possessions.<\/p>\n

    Your possessions may be worth much more than you think.<\/p>\n

    Tenants insurance is often great value and very affordable.<\/p>\n","protected":false},"excerpt":{"rendered":"

    Tenants are often confused about insurance \u2013 whether they need it and whether it\u2019s worth the cost. In this post, we\u2019ll give a few pointers that will help to clarify the picture. Unlike motor insurance, which is a legal requirement before you drive on the public highway, property insurance isn\u2019t mandatory. Broadly speaking, when we […]<\/p>\n","protected":false},"author":2,"featured_media":6662,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[63,2081,2183,21],"yoast_head":"\nWorth the risk? A quick look at tenants\u2019 insurance - Legal For Landlords<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dev.withcreative.co.uk\/lforl\/worth-the-risk-a-quick-look-at-tenants-insurance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Worth the risk? A quick look at tenants\u2019 insurance - Legal For Landlords\" \/>\n<meta property=\"og:description\" content=\"Tenants are often confused about insurance \u2013 whether they need it and whether it\u2019s worth the cost. In this post, we\u2019ll give a few pointers that will help to clarify the picture. Unlike motor insurance, which is a legal requirement before you drive on the public highway, property insurance isn\u2019t mandatory. 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