DECEMBER 19, 2016 | BY Perthshire Property Services
Why having Tenants Insurance is so important!!!

Why having Tenants Insurance is so important!!!

We recognise that moving into a new property can be a daunting experience and, for many, renting a property is their first step on the property ladder. There can be so much to consider and insurance can easily be pushed down the list and forgotten. 

Here are some common misconceptions about tenants insurance, along with tips on how to pick the best policy for you: 

Myth No. 1: "I don't have enough stuff to need insurance coverage."
Since all rental properties are susceptible to a variety of damage, whether it be fire, theft or even a broken kitchen appliance, many experts say there isn't a scenario in which a tenant should go without tenants insurance. But it is important to weigh the associated costs, both monetary and sentimental.

A common reason individuals avoid renters insurance is they do not think their belongings are worth the coverage. If renters think they do not have enough stuff to warrant a renters insurance policy, Keith Rutman, vice president of specialty property lines for Allstate Insurance, suggests they go around their residence, room by room, and take full inventory of their belongings before making a decision. 

Myth No. 2: "My landlords insurance will cover it."
After acquiring a rental property landlords change their insurance policy from a traditional home owners policy to a rental policy, and when they do that it only covers the structure, not the contenant of any of the tenants belongings.  

Even if the landlord owns appliances or other items within your rented home, he or she is not responsible for damage they inflict on your personal property. Say you just bought a few hundred pounds worth of frozen food and you stuck it in the freezer that the landlord owns, and it breaks down, spoiling all the food, if you wanted coverage for that lost expense, the landlord would not responsible for it. That would be part of tenantsinsurance.

Myth No. 3: "Tenants insurance only covers my personal belongings."
Accidents, such as a flood in your apartment, may damage other tenants' property and can be costly. Tenants insurance can protect you from these situations and help cover those unexpected costs.  Taking a policy with accidental damage cover will also cover you should you damamge the landlord posessions.  Say for instance you drop an iron on the living room carpet or a pan on the kitchen worktop your tenants insurance will cover you for the replacement of these items which you would have otherwise had to pay for yourself.  

Myth No. 4: "Tenants insurance is too expensive."
Unlike car insurance or a typical homeowners insurance policy, a tenants insurance plan is not a large additional monthly cost. Policies will vary dependant on amount covered, location of the property and insurance provider however it would likely be the same as having a meal out a month and a lot less expensive than if something did go wrong! 

So overall ensure your insured! For a quick and easy quote follow this link

This will take you to Let Alliance who specialise in Tenants Insurance.