What Is a Green Card and Do I Need It?
Posted on 8th March 2019
So, you’re looking to rent? Great, but maybe you’re a little confused about what types of insurance policies you might need as a tenant? This short guide will hopefully clarify your confusion although remember, we’re here to help – just give us a call should you require no obligation advice. As you may already be aware, there’s a world of different policies out there, so it’s important to know which policies matter the most to both you and which ones only matter for your landlord. Lucky for you, we’ve done some digging around and have deduced what’s important to you, as a tenant.
Contents insurance is an important policy to have to begin with. Put simply contents insurance covers the items in your possession from damage caused by fires, flooding or theft. An easy way to deduce which items would be covered by this insurance policy is by the number of items that would fall if a room was flipped upside down. Additionally, any items that are fixed down e.g. kitchen cupboards and bathroom fittings are classed as fixtures and are the responsibility of the landlord and not the tenant.
Items such as bicycles, electronics or jewelry are all common and popular items insured on this policy. You can also pay an additional premium in order to have some particularly expensive items covered under your policy, but this is not always necessary.
As a tenant, you will want contents insurance to protect your items. Typically, insurance policy providers will offer around £5000 to £10,000 cover towards the cost of replacing (this depends on which policy you choose). You can also opt for the additional accidental cover, to cover the scenario of per-say dropping your phone – but again these will cost extra.
Tenants Liability Insurance is another insurance policy you may have heard of. This covers your landlord’s fixtures, fittings or furniture. Whilst you are living in a fully furnished or part furnished property and are legally liable for any damage to the landlord’s possessions, this insurance policy will ensure that any damages made towards the items will be covered – subject to terms and conditions of course. Accidents happen, but it doesn’t mean you should have to pay out when they do. With Tenant’s Liability Insurance, you can install a safety net around your deposit.
During your research, you may come across other insurance policies, and although they are essential to the renting procedure, they are not a tenant’s concern. Building’s Insurance is an example of this. This is an insurance policy that the landlord has to worry about and not yourself, so you can forget about including this in your insurance policy list.
We have an article on our blog which breaks down Landlord’s Insurance easily.
The only two insurance policies you should concern yourself with are contents and tenants liability insurance. Now, you don’t legally need either of these insurance policies, but they are excellent for safeguarding yourself in case those unlikely incidents occur and cost you greatly.
The question you need to ask yourself is how will you cope if the worst thing happens to you? If you lose some/all of your valuable possessions or cause damage to the landlords building, how will you cover it? If you’re saying “I could not afford this myself”, then the answer is to buy some insurance.
With over 25 years of experience in the insurance industry, we have the knowledge and expertise to give you expert advice with no obligation and at the same time, search the market for you and find a great deal for your insurance. Give us a call on 01454 322266 today.