What does tenant insurance cover?

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Also known as renters’ insurance, tenant insurance is a form of contents insurance which is tailored specifically to a tenant’s needs and requirements. This type of insurance policy covers your belongings from loss and damage caused by floods, storms, fires, theft and vandalism in a rental property.

You are likely to already have contents insurance and home insurance but it is equally valuable to also take out a tenant insurance policy to ensure you are fully insured.

What is included in a tenant insurance policy?

The specifics of a tenant insurance policy will vary, but items that are normally covered include:

  • Laptops and computers
  • Furniture
  • Jewellery
  • Books
  • TVs
  • Sports equipment
  • Bikes
  • DVDs

What else does a tenant insurance policy cover?

As with any insurance policy, the basic level of cover will be the cheapest. However, some added extras are worth paying the additional premium for.

You can include cover for your belongings such as your mobile phone, watch or tablet which you regularly take outside your rental property. This is useful if you have another home, for instance if you are a student and you stay with your parents during the holidays.

If you accidentally spill something on the carpet or sofa and your individual policy allows, you can claim on your tenant insurance, meaning your deposit will be intact when you move out of the property.  If you lose your house keys, replacement locks can also be included in the cover.

What is not included in a tenant insurance policy?

Some items are typically excluded from a tenant insurance policy, including:

  1. Cars
  2. Vehicles including caravans and boats
  3. Lost or misplaced items, unless they are specifically covered

Landlord insurance requirements for tenants

Many landlords will require their tenants to have a basic level of insurance cover before they agree to rent the property, especially if they are renting out a large building. Some landlords will write this into each tenancy agreement and lease.

Some landlords may also require insurance tracking in the terms of a lease, which keeps a record of what insurance cover each  tenant has and when it expires. Landlords that ask for insurance tracking will often own large property portfolios or commercial property. However, it is wise for any landlord to make sure that their property is covered – even if they only rent a single property to tenants.

As a tenant living in a rented property you are likely to move house more often than if you own a property. When you move to another rental property, you can ask your insurer to provide cover for your property whilst in transit between the property you are moving out of and the one you are moving in to.

It pays to look for a tenant insurance policy quote which offers value for money, however you should always be aware that a cheaper policy might not offer sufficient cover for your own needs.If you’d like to discuss your individual insurance needs or you’re looking for a quote for your tenant insurance, get in touch and our team of specialists will be happy to advise you.