Q. I am starting my first job in September and currently navigating finding a suitable rental. A few friends have recommended I also take out tenant’s insurance, is this really necessary and if so what would it cover?
A. Entering into your first rental contract can seem a little daunting and with so many things to organise it can all seem a little overwhelming. Legally you can get by without tenant’s contents insurance, however if for the worst were to happen and you experience water damage in the property our landlord will have cover to protect their furnishings, but that policy won’t extend to your personal items for instance. Tenants’ insurance is essentially the same as home contents insurance. When investigating a policy of your own, remember there are different levels of cover, so it’s best to do some thorough research to find the best option for you and your particular circumstances and budget. A policy with a high level of cover will protect you in the event of a flood, theft and fire, flooding, storm damage and escape of water. Tenants’ contents insurance will usually protect your handheld gadgets, sports equipment, electrical appliances, games consoles, musical instruments, CDs, DVDs, furniture, frozen food and clothing. If you happen to have items with a higher value – such as jewellery or watches, a widescreen TV, bicycle or computer equipment – or want to protect items when you’re out and about, you’ll need to list these items separately on the policy or get personal possessions cover. All in all, for a relatively small premium you can protect yourself if the worst were to happen. As I mentioned previously this type of insurance is not a legal requirement at all but as with most things in life when we actually take stock our personal items you will no doubt realise that in the event of an unexpected disaster it could cost an absolute fortune to replace everything so better to be protected. There are plenty of Insurance companies offering this type of service and remember if you happen to be flat sharing do make sure you notify them as in the event of a claim it will invalidate your cover if they were not privy to that information at the commencement of the policy.