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Home insurance for renters or tenants
Traditionally, home insurance for tenants has not been particularly
appropriate. The minimum insured amount is often in excess of what
the tenant requires. However, the affordability crisis in the UK means
that many more would be first-time buyers are renting. The demand for
specific insurance products geared towards the rental sector is not
clear, and insurance companies have responded.
In some cases, in shared accommodation, the cost of taking out a single
insurance policy for an individual will prove prohibitively expensive.
However, some companies specialise in this type of insurance. Tenant’s
insurance could protect your deposit, and cover you for serious damage
to the home.
When seeking tenant’s insurance, be sure to seek an insurer whose
policies are specifically designed for your needs. That way you will
avoid paying over the odds, and be covered for what you need.
Be aware that your landlord should take responsibility for your buildings
insurance when you are a tenant, and you should be concerned with your
contents insurance. Make sure you inventory all items to be considered.
Compare cover details between insurers to make your choice.
When taking out tenant’s home insurance, it is also worthwhile
extending the cover to include a home emergency. This additional cover
could prove vital if your landlord is not nearby, and you have no emergency
telephone number to call.
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