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What is Tenants contents insurance?
When you rent a furnished or unfurnished property, even if it is
not for a long time, it will be in your best interests to take out
tentant contents insurance.
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Whether you have rented a fully furnished or unfurnished property,
you will most probably be asked to pay a deposit, usually of one
month’s rent, which is partly to secure the flat, and also
to protect the landlord against damage to their property.
Should your property be fully furnished, you will not own the contents,
but you will be responsible for certain types of damage to them.
Should the furniture become the victim of wear and tear, the tenant
may not be responsible. But damage that can be attributed to your
irresponsibility, or that of any visitors, can be charged to you,
and taken off your deposit.
An advantage of this is that since you can be held responsible
for accidental damage to your landlords’ property, you can
cover yourself for this as well.
The landlord actually will need to insure his/her contents as well,
but you may want to cover the value of your deposit. Also, you may
have some personal possessions in the furnished flat which you will
want to cover.
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FOR ONLINE QUOTES
In an unfurnished flat, then you are responsible for insuring your
own contents. In addition, you can cover your personal possessions
outside your rented flat by extending your policy to “all
risks”.
You can cover yourself for household goods, personal effects, furniture,
coins, stamps and other collections, along with other valuables.
You could even have the option of covering the value of the frozen
food in your deep freezer. Sometimes, you can be covered for money
and anything else that belongs to or is the legal responsibility
of you as a tenant. You can cover yourself against all of the usual
standard perils. But ultimately, this kind of insurance is covering
you for the value of your personal possessions along with the deposit
you have paid.
Most policies will cover you for the cost or replacement locks
due to keys that have been lost. You should also get alternative
accommodation and any rent that is legally due. You should also
find out if the contents will be replaced on a new for old basis.
Landlords need to be aware of their responsibilities here. They
are completely responsible for getting buildings insurance,
because they own the buildings, and they should also get contents
insurance to cover their property in the flat. The deposit may not
be enough to cover all of the possible damage that can occur when
your property is rented out. This insurance, together of course
with careful referencing of your tenants, could reduce the risks
you take on significantly.
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