Renting a property is a much easier process than buying a property, but that doesn’t mean there aren’t plenty of items that need special attention. We’re going to focus on one of those items in this blog, one that often gets overlooked, especially by younger folks perhaps renting their own properties for the first time.
The item we’re focusing on today is the issue of contents insurance, sometimes referred to as contents cover. In basic terms, this is insurance cover for all your stuff, your possessions such as clothes, appliances and technology such as your computer, television and music system.
Different Kinds of Home Insurance
There are two main types of home insurance. We’re talking about the insurance for your possessions in the home here, but there is also the buildings insurance which you should be aware of. Usually, your landlord will pay the buildings insurance as it is their property, though do make sure you check that it is the case when signing any tenancy agreement.
Buildings insurance covers any damage to the building itself, such as burst pipes, slipped tiles, broken windows etc. Contents insurance only covers the items you bring into the house and which are not connected to the house (other than via an electrical outlet, of course – plugging your TV into the wall socket doesn’t cover it under buildings insurance!)
How to Find the Best Contents Insurance Deal
How much you pay for contents insurance will depend largely on your living situation. If you are in a shared house, then it will be difficult to get a very cheap deal, certainly from the mainstream insurance providers, though your chances will be massively improved if you have a lockable bedroom.
When checking with the insurance providers directly, you must always be honest about the living situation and how many people you share with and whether or not your bedroom is lockable. Even if your contents insurance doesn’t cover your housemates, it could be invalidated if you withhold this kind of information and then later make a claim.
If you are not sharing, and living with your family also counts as not sharing as you can get cover for your family that you cannot get for a group of unrelated individuals, then check the providers’ different policy rates with comparison sites such as Go Compare, Compare the Market and Money Supermarket, though you will also have to double check with the providers whether or not their policies match up to what you have read online as there can be policy changes put in place since the last comparisons were published. Another good option is to check with the Cheap Home Insurance Guide for the best option for your own circumstances.
Obviously, you can save money by not having any contents insurance, but it is probably only worthwhile taking that chance if you have no items of any value. However, you still put yourself at risk of losing everything you do have should there be a fire or a flood, so if you can afford then it is worth it for your peace of mind.
