Securing a rental can be a difficult process, so once you have the keys to your new rental property, it’s only natural to breathe a sigh of relief that you’ve sorted the move. But once you’re settled, it’s worth taking the time to think about what will happen after you move.
Many renters won’t realize that their rental agreement doesn’t include certain insurance policies, and it’s up to them to make arrangements. Insurance may seem like wasted money every month, but it can be extremely important and you don’t want to be left without coverage if something happens to your belongings.
Below, Chris Hutchinson, CEO of rental platform Canopy, shares his top tips for getting insured.
1. Your landlord’s policies
Your landlord may have contents insurance to cover furniture like carpets and curtains that they own. Other coverages such as landlord’s insurance, alternative accommodation insurance and bodily injury insurance must be purchased by your landlord, to protect you against any structural damage to your property. It may be important to check these policies with your landlord when signing your rental agreement.
2. Tenant Insurance or Rental Contents Insurance
Many tenants are unaware that in most cases they will not be covered by the landlords policy and in turn risk being left behind in the event of damage or loss of property. Either way, when there is damage to your property, it can be devastating to lose your possessions, let alone cover the cost of replacing them. Renters insurance covers everything from your clothes and jewelry to your gadgets and furniture. The price varies and you may get a cheaper deal with a higher deductible, which is the amount you would pay in addition to the insurance money claimed.
If you are in doubt about the collective cost of all your possessions, it may be advantageous to overvalue rather than undervalue when taking out your policy.
3. Tenant liability insurance
Sometimes sold as a separate policy, renters liability insurance offers renters protection against some of the most common situations that can cause you to lose your deposit. This could include accidental damage to a landlord’s fixtures, fittings or furnishings that are already present in the property you are renting. This could include a fitted kitchen, rugs, bathroom fixtures and any owner-supplied furnishings. It is important to note however that this will not cover general wear and tear, nor malicious damage.
4. Telephone insurance
Protecting your phone can be a high priority for many renters. It is an extremely valuable asset, and unfortunately all too easy to lose, damage or steal, and can then be expensive to repair or replace. Phone insurance doesn’t have to be expensive, and there are plenty of new companies that offer fair prices and simple deals for people who want easy coverage.
5. Bike insurance
If you’re an avid cyclist or a new bike owner, bike insurance can be vital. Especially in large cities, bicycle theft is unfortunately very common and often extremely difficult to recover. Buy insurance that provides cover for theft, damage and loss, giving you peace of mind that your bike will be replaced or repaired if you make a claim.
It’s essential to look at the fine print of policies such as bike insurance, as these are likely to include important terms, such as the use of the most secure bike locks or a cap on the number number of days you can use your bike. abroad.