Should I take out tenant’s liability insurance?
Have you just signed your tenancy agreement and are getting ready to move into your new property? Maybe you have lived in a rented property for a while but you have never taken out any insurance cover? Whether you are moving into a new flat or a house or you have been there for yours, if you haven’t already done so, you should really think about taking out tenants liability insurance. Here’s a bit of information to help you with the decision.
What is tenant’s liability insurance?
When you rent a property your tenancy agreement normally comes with a list of things which are in the property such as fixtures and fittings and household items. At the end of your tenancy agreement, and sometimes at intervals in between, your landlord or their agent will check that these things are still in the property and that they haven’t been damaged. If they are damaged, your landlord will normally charge you for their repair or replacement or if you are leaving the property, they will deduct some or all of your deposit. Tenant’s liability insurance is cover that you can take out to cover the cost of accidental damage to the items which come with your property. That could include things like accidentally breaking a window, burning the worktop or spilling something on the settee or carpet.
What type of items does tenant’s liability insurance normally include and how much cover do I need?
The amount of cover you need to take out should be matched to the value of the items which are included with your tenancy and how much they would cost to replace, including any labour and call out costs. In some cases this will only be standard fixtures and fittings like kitchen cupboards, windows, doors, lights, carpets and bathroom fittings. Other properties come fully furnished so cover needs to extend to items like electrical appliances, beds, settees, chairs, cabinets, kitchen accessories and even artwork.
When you are thinking about the level of cover you need, you need to think about what your tenancy agreement includes and how much you would have to pay if something like a window got broken and needed to be replaced.
What does tenant’s liability insurance not cover?
It’s important to note that normal wear and tear can’t be covered by this type of insurance. Theft or damage which is non-accidental is not covered either regardless of whether it is caused by your family, your visitors or yourself.
Tenant’s liability insurance does not cover any loss or damage to your personal items within the property. If you want to insure your personal property against theft or damage, you need to take out contents cover. You can also include high value items such as your laptop, jewellery, mobile phone or bike as part of this type of insurance. When you are taking out your insurance it is often cheaper to purchase both at once.
Where can I get tenant’s liability insurance?
There are a wide range of online providers of tenant’s liability insurance, however to get the best rate and ensure you take out the right cover it’s always helpful to talk to a broker like Property Insurance Centre. They can help you to select the right level of cover and if you need it, they can give you information on a joint policy to include contents insurance and make sure you have all the cover you need for your home. Call us today on 0800 085 3761.