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Tenants
Contents Insurance
Tenants very often overlook this, especially those who have
never rented before. A tenant who has paid the first months
rent plus a deposit and administration fees in order to move
into the property, insurance is the last thing on their mind.
Recent studies have shown that less only 1 -20 tenants have
any contents cover at all.
Although a conventional home contents policy will give a basic
degree of cover for most insured perils it is not specifically
designed for tenants and there can be some major gaps in the
cover you need. Often the minimum sum you can insure for will
be far in excess of what the tenant needs, typically a minimum
of £10,000 - £12,000.
Most specialist tenant policies will provide the tenant with
cover starting from £2,500 upwards and will usually cover
accidental damage that you may cause to the landlords fixture,
fittings, buildings and contents. Should the tenant accidentally
damage the carpet with a wine stain or hot iron or a work
surface with a hot pan mark, these events will be covered.
Usually the tenancy agreement will make the tenant legally
liable for such damage, any damage found at the time of the
check-out will be deducted from the deposit or security bond.
If the tenant has adequate insurance these events will be
covered, thereby protecting your deposit.
If
a Tenant has a loss through, burglary, fire, flood or other
insured peril, which has damaged their contents and have no
insurance for their personal possessions they are then left
with the cost of replacing the items themselves.
Any items of personal property (clothes, furniture, computers
etc) a tenant takes into the property it is their responsibility
to insure. Most policies will give an option for basic cover
which can usually be extended to cover high risk personal
items which are taken outside the home, on holiday or Worldwide
i.e. Cameras, sports equipment, clothes, jewellery etc.
In certain high-risk inner city post codes there will usually
be a requirement to have minimum-security locks on doors and
accessible windows. Do also take into account the conditions
of insurance policies, regarding keeping windows and doors
secured when the Tenant is not in the property. For further
information click on the appropriate insurance company logos
on this page.
©jmlpropertyservices
December 2004
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______________________________________
jml
Property Services are members of the National
Federation of Residential Landlords, National Landlords Association
in the UK and British Chamber of Commerce Cote d'Azur - France
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