Tennants Contents -What’s Covered
If you are renting your home you will still need to buy cover to protect your contents and possessions. You should also consider purchasing cover against the possibility of a liability arising out of your tenancy. This is called tenants liability insurance.
In most cases Tenants contents insurance will be on the same basis as a standard contents policy, however if you share accommodation with others you will need to tell insurers and each sharer will need to each buy cover for themselves, although a group of friends could club together if they are living in the same place provided that they are all named on the policy.
Tenants Contents insurance protects the items in your home against loss or damage by a range of perils including theft or attempted theft, fire, explosion, lightning or earthquake. It will also insure you against damage caused by escape of water, storm or flood.
Tenants contents would include any item that you can pick up and take if you were moving home. This covers your furniture and electrical items as well as money and jewellery WHILST IN THE HOME. Contents insurance would also include items such as carpets and curtains, even though some people leave these behind when they move.
The majority of policies cover the contents of your home on a new for old basis. This means that if something is damaged by an insured event that the policy will pay out the value of replacing the items as new. There are normally some items (typically clothing and household linen) which are not covered on a new for old basis, so be careful to check your policy cover.
Do be careful if searching on line for cheap insurance as some insurers listed on quote comparison web sites will reduce the cost of their cover by offering insurance on an indemnity basis to get to the top of the screen. Indemnity policies are cheaper because any payout is not based on the as new value but is reduced to take into account wear and tear or depreciation in value.