Insurance as a Tennant

Even though the house price bubble has popped and prices are falling it can still be very difficult to get onto the property ladder. The problems in the financial sector have resulted in banks and lenders expecting ever larger deposits from those wishing to buy a house and this can mean that actually purchasing a property is impossible for many people.

An alternative option to buying your own house is to rent. Renting is the norm on the continent, in fact much of the Spanish and Portuguese property markets, for example, function on large numbers of people renting. In the UK it has often been considered something of a second option, but now an ever growing number of people are turning to renting.

When it comes to getting home insurance in a rented house, things can be a little difficult. A good landlord will have a comprehensive insurance policy on the fabric of the house but it is unlikely that their policy will cover your possessions so you'll have to get your own policy.

If you are renting it is possible that you will be sharing with at least one other person. This is important because it means that the security of your home is not completely under your control. Getting a specific tenant's home insurance policy is a good idea. Tenant's insurance can be suprisingly inexpensive, even though there are security issues for which you cannot be held liable.

Whilst some would think that tenant's insurance would be expensive, it really isn't. Unlike home insurance policies where you pay for both buildings and content insurance you will only have to pay for cover to your possessions, and the landlord's insurance should cover expensive things like the major bathroom and kitchen fittings.

You can further reduce the cost of your insurance policy by getting the particularly expensive items insured on their own separate policy. Having something valuable on a general policy can raise the price because it raises the value of the whole policy, also because it may draw the attention of thieves to your other belongings and because if it is stolen and you have to claim, it will have a knock-on effect on the premium costs on all your possessions, not just that sole item.

Having separate policies may appear to cost more, but they probably won't do by all that much and will be cheaper in the long run. One thing that you should keep in mind is the level of cover you get for items when they're away from your rented accommodation. Some insurers may offer cover within the UK or EU for a specific period of time within your insurance policy, but it is best to check and adjust your policy according to your needs.

Insurance doesn't have to be expensive if you shop around for a good deal and know what you're looking for. Take a look at Co-Operative Finance for a good deal at the moment.

Get a home insurance quote online at The Co-Operative Insurance.