Tenant’s Contents Insurance

Tenant’s contents insurance…do you need it?

Posted on May 7, 2013 by Aaron

This topic has popped up twice in the last few days; does a tenant need contents insurance??

As a tenant in a rental property it is your responsibility to insure your own possessions and you are well advised to do so. Many letting agents and landlords will make a point of requesting sight of a suitable contents insurance policy before taking up the tenancy. If you are renting through an agent you can ask them for details of any tenant’s contents insurance products they can offer or would recommend to you.

As an agency, we know many companies that offer specific tenant insurance policies that can protect various different things along with your own contents…they could even cover rental payments should something happen to you. We would also suggest to find a policy that offers you the protection you require, this may not always be the cheapest but when you need it you want to know you’re covered. Many policies now also offer accidental damage protection against the property fixtures and fittings, this is a great alternative to using your deposit to pay for accidents at the end of the tenancy.

It is illegal for a letting agent to advise on or sell such insurance products unless they are authorised by the Financial Services Authority (FSA), or, directly regulated by a broker registered with the FSA.

As a tenant in a rental property you don’t need buildings insurance, only contents insurance. As the tenant you do not own the building and therefore don’t and cannot insure it, this should be in place from the landlord.

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