Why Is Tenant Insurance Necessary?

For the simple reason that it protects you and your personal possessions, it is a good idea for all renters to obtain tenant insurance. When a tenant begins a new tenancy, letting agents usually highly urge or require that they acquire some kind of tenant insurance. Because there are so many different forms of tenant insurance, some renters may be hesitant to buy any because it may seem unnecessary. In this post, we go into detail about what tenant insurance is and why it’s a wise option for people who rent in Glasgow.

What exactly is Tenant Insurance?

Protection from damage or theft to furniture and personal goods is provided by tenant insurance. There are two different types of tenant insurance policies, each of which offers a few minor differences. One is tenants liability insurance, which protects against accidental damage to the landlord’s furnished items like sofas and windows. The other is tenant contents insurance, which protects against damage from fire, flooding, theft, and accidents to the tenant’s personal property. Liability insurance is often included with contents cover, but this isn’t always the case, so check the fine print on your specific plan.

Insurance typically has two levels: basic coverage and full or complete coverage. While the specifics of each coverage may vary depending on the provider, in general, a basic level of insurance only guards against damage to more expensive things like laptops and TVs. Full coverage offers more protection because it covers items like unintentional harm, such as wine spills on furniture or broken valuables (vases, ornaments, etc). The kind of insurance you need depends on your unique situation.

Why you should purchase Tenants Insurance?

The primary objective may be obvious—to keep your valuables safe from theft or harm. Even though you can take precautions to reduce the danger of fires, flooding, and theft, these unfortunate occurrences can happen from time to time. You’ll feel more at ease if you have tenant insurance providing you peace of mind, especially tenant home contents insurance.

Landlords sometimes have their own insurance to secure the property. For instance, landlords are in charge of obtaining home building insurance, which protects the building’s structure as well as its furnishings and fittings. If it helps, picture it as covering anything that would stay put if you turned the house upside down and thrashed it. However, you and your valuables are not covered by this kind of insurance. Although your landlord may have taken reasonable precautions to obtain insurance to safeguard their property, it may not extend to contents insurance for your personal belongings. Protecting your own possessions is in your best interest.

Another reason to get tenants insurance, specifically tenants liability insurance, is to improve your chances of getting your entire security deposit back at the end of your lease. Tenants’ liability insurance covers many of the justifications given by landlords for keeping security deposits, so if accidents do occur, your insurance will take care of them and make sure you get your deposit back when you leave the home.

Advice on Purchasing Tenants Insurance

Price

It’s important that you compare services in order to get the best option. To get the best deal, it is definitely encouraged to shop around since insurance carriers’ prices and services vary substantially. A lot of help may be gotten from comparison websites like MoneySuperMarket, GoCompare, and CompareTheMarket.

Payment plans may be monthly or annual, and prices you’ll need to pay may range from about £40 to £100 or more each year. The amount insured may be between £4000 and £10,000. Finding the best offer can be time-consuming because there are so many options available, but your wallet will appreciate it in the long run.

Family life versus apartment sharing

When you live with relatives or a partner, getting tenant’s insurance is typically simpler than if you are renting out a room with others. If you live as a family, you can easily obtain tenant insurance that covers the entire property. It may be slightly more challenging if you share rented accommodation with others.

You have two options for tenant insurance when renting a place out with non-family members. You have the option of purchasing either a property-wide insurance policy with your housemates or coverage for only your room. In both situations, the majority of insurance providers are less likely to provide (cheap) quotes. Due to the number of persons who will have access to the home, shared accommodations have a considerably larger risk of theft or property damage. Three separate friendship groups are likely to have regular access to a house if it is shared by three strangers.

If you choose insurance that only covers your room, there are two things you should be aware of. For starters, if you keep items in the common parts of the house (such as the living room or kitchen), your tenant’s insurance won’t protect you in case they are stolen or destroyed. Second, your bedroom needs a lock on the door, and you must lock it each time you leave the house. If you don’t, your insurance claim will be weakened if something terrible happens.

In summary, even if getting tenant’s insurance might not be a legal requirement, there are many strong reasons to do so. If you share a home with people who are not related to you, it is always preferable to be safe than sorry.

Contact Lind Letting for more details if you’re renting or want to rent in Glasgow. We take great pride in providing individualised service and industry knowledge. For further recommendations and industry insights, make sure to visit our blog, which we update frequently.