Protecting You, Your Possessions and Your Tenancy
If you are about to become a tenant for the first time, you will have a fair amount of personal possessions to take with you – from clothes to electronic equipment, jewellery to furniture. You want to make sure that your possessions are protected from the risk of theft or damage, which is why renters need contents insurance.
Can renters get contents insurance?
Yes, most people who rent take out contents insurance policies. There are a wide range of insurance providers who offer contents insurance for tenancies. A landlord is only responsible for insuring the building and its fixtures and fittings, but not the possessions of their tenants. Even if the property you’re moving to is furnished, it is still a good idea to get your personal possessions covered, especially if the rented property is an HMO or in an area where there is a history of burglaries or flood risk.
What does contents insurance usually cover?
Contents insurance policies cover the cost of replacing items that are stolen, damaged or destroyed. This could be as a result of theft, fire, subsidence, water damage, burst pipes and extreme weather such as storms or flooding. The cover usually has a maximum limit for general items, and a single item limit for individual expensive items. The ‘sum insured’ value is the total amount the insurer will pay out in the event of a claim, and this includes the cost of replacing items as new, rather than the value they currently have.
If tenants own any items that are higher than the single item limit, they may need to pay a special premium. Items such as bicycles usually have a £500 standard limit, but this can be increased.
Insurance providers will also offer extensions to policies, covering things like accidental damage, cover for contents away from the property (such as holidays), the cost of legal expenses and the cost of calling out a tradesman in an emergency.
The value of most people’s belongings will usually be less than the policy’s sum insured amount, but it is worth checking just to make sure.
What does contents insurance not cover?
Contents insurance does not cover the following:
- general wear and tear
- mechanical failure or items (such as white goods) coming to the end of their useful life
- periods of extended absence from the property
- fixtures and fittings and the structural aspects of the property – these are covered by buildings insurance and is the responsibility of the landlord
Register today! Be amongst the first to see the latest homes to rent in your area.
How do I calculate my contents value?
It can be difficult to work out the cost of replacing all your possessions, but the important thing is that only an approximate value is needed. Most policies will have a sum insured limit that will be sufficient. Without white goods, living room furniture and any very high value items, £10,000 per person is often considered a reasonable estimate. The average UK home contains around £50,000 worth of contents. If you want to be more precise, you can go through each room in your house and value the contents of them individually.
What is the average cost of contents insurance?
In 2024 it was reported that the average annual premium paid for contents insurance in the UK was £132 – but this figure will vary depending on the size of your household, where you live, what type of accommodation it is, the details of your personal possessions cover and the pricing of your insurance provider.
Is contents insurance mandatory for renters?
No, contents insurance is optional. Some renters will take the risk and not protect their possessions, especially if money is tight. But if you have a lot of valuable possessions, it really does bring peace of mind to cover your items.
What are the benefits of contents insurance?
The main benefit of taking out contents insurance is that you are protected from any financial loss arising from the theft, damage or destruction of your personal possessions. It also gives you cover for individual items that are of a very high value, and cover for possessions when you are away from the property. Without contents insurance you might not be able to afford replacement items.
Looking to rent? Contact your local haart branch
If you would like to talk to one of our experts about any aspect of renting, get in touch with your local branch, who will be happy to help.