Rental Insurance

By Author: Chris Kouton
Total Articles: 10
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The house price bubble has resoundingly popped, in fact you would have to have been living under a rock for the last year or so to not realise that house prices are finally falling. Unfortunately, this is happening in line with the biggest economic crisis of the last fifty years and that means that banks and lenders are expecting higher deposits from people wishing to buy homes. Meeting these higher demands is impossible for many people and buying a home is not an option.

An alternative option is renting. Whilst renting is the norm on the continent, it has often been considered as a poor relation to buying in Britain, this is despite many housing experts and indeed several famous property developers choosing to live in rented accommodation despite having the financial capacity to buy.

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.

Some might think that because you can't control the security of your house in shared accommodation tenant's insurance would be quite expensive but it doesn't have to be. Unlike home insurance policies where you combine buildings and contents insurance, you only have to worry about your own possessions as the landlords insurance should cover all the expensive major fittings.

You can further reduce your tenant's insurance by taking some of the most expensive items out of the policy. If you have items like musical instruments you will save money by getting separate policies. This is because these items are most likely to be stolen, so if you have to claim for them the cost of that claim will have a knock on impact on everything that you own, not just that 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.