There Is No Legal Requirement To Take Out Tenant Insurance
In Durham, tenant insurance is not compulsory when renting a property, but some landlords might require it as a condition of the lease and may ask for evidence of your coverage.
Accidents may occur, which could lead to deductions from your deposit.
Bearing this in mind, the team at PIIM Property consistently recommends that tenants secure suitable contents insurance to protect their personal belongings, as well as tenant liability coverage to safeguard their deposit.
Is It A Legal Requirement To Take Out Tenant Insurance?
No, there’s no legal requirement to take out tenant insurance. If you have any valuables like mobile phones, computers, jewellery etc, it’s wise to take out cover for those possessions in case of damage or theft.
Also important to bear in mind, whilst you’re a tenant in the property, you will also have responsibility for any of the landlord’s contents including fittings, fixtures, and furnishings.
How Does Tenant Insurance Work For Flat Shares?
If you’re sharing a house or flat with others, it’s possible to either obtain a single common policy to insure everybody living in the property, or your own policy, covering only your room’s contents. Letting the insurer know that you live in a house share arrangement is sensible, though, since they may need to confirm that your room has a lock on its door.
When several residents are included in a single policy, a claim filed by any individual can affect all others covered by the policy. This could result in higher premiums for up to five years following the claim, even if you no longer reside with the person who made the claim.
Students sharing a property typically require a policy designed specifically for their needs.
What Does This Insurance Include?
Two primary things included in a tenant insurance policy:
- Tenant liability
- Contents cover
Contents cover ensures that if any of your personal belongings are stolen, damaged or lost, the cost to replace or repair will be covered.
Tenant liability cover will pay for any repairs necessary to the landlord’s items like fixtures, fittings, and furniture. In the event of an accident, you may also be able to add extra cover for specific possessions.
Must I Take Out Building Insurance As A Tenant?
Building insurance is a landlord’s responsibility. A tenant does not need to take out this type of cover when renting.
What’s Not Covered Under A Tenant’s Policy?
An insurance policy never covers wear and tear and neither is an unforced entry. Your not protected if you leave your window or door open, a burglar enters and steals your belongings. In some cases, cover lapses when the property remains unoccupied for a specified timeframe – typically 30 days.
When you make an insurance claim, you’ll usually need to pay an excess, but the amount will vary by policy. Ensure you review the excess on any policy to understand the amount you will be required to pay when claiming.
Looking For A Property To Rent In Durham?
If you’re looking for a rental property in Durham, make PIIM Property your first port of call. We’re experts in the local rental market, and we’re on hand to help you find the ideal home for you. Call our team today on 01207 772033.
