Princes Risborough, United Kingdom (PressExposure) February 05, 2009 -- With the growth of the UKâs rental market, it is unfortunate that so many tenants are not insuring their possessions.
All tenants are at risk from theft and damage to their possessions, as well as their landlordâs contents and something as simple as a spilt glass of wine could mean the loss of their deposit. From a spilt glass of wine to an iron mark on the carpet, accidents can happen whether you are renting or not. However if you happen to be living in rented property, a tenant might not realize that the landlord can take out the cost of repairs for these accidents from the deposit.
Although tenants are usually advised by the letting agents and get information from the Internet, they still donât realise that the landlordâs insurance wonât cover them if they accidentally damage the rental property and it certainly wonât cover them if their own belongings are stolen.
Nationally in the UK that only ten per cent of tenants have appropriate insurance in place, meaning that ninety per cent donât have adequate insurance to cover their contents.
Tenants often neglect to buy contents insurance, many simply donât know that itâs available or in some instances they assume that theyâre protected by their landlords insurance, which isnât the case.
A typical Tenantâs contents insurance policy will offer cover for:
â¢ Accidental damage to their landlordâs property â for example if the carpet is ruined with red wine or coffee. They wonât we risking their deposit. â¢ Audio and electrical equipment, credit cards, money, bikes and frozen food. â¢ Items in the garden and outbuildings and even iPods, handbags when they are away from home. â¢ Theft by forcible means, collision by aircraft, vehicles or animals.
Part of the problem why tenants donât take out insurance is because they think that because they are renting, they havenât got many possessions. Even if they rent in a furnished property, whereby the landlordâs insurance will cover the landlordâs furniture, they forget the other small items they have.
These often include a new TV, a laptop computer, games console, an ipod or cd player clothes, food in the freezer and that bicycle.
It is very easy to buy insurance and property insurance sites like http://www.jml-property-insurance.co.uk act as introducers for Tenant and Landlord rental specialists like HomeLet and Endsleigh. You can usually make arrangements on line and pay on a monthly or annual basis using credit, debit card or direct debit.
Tenants must remember that they have to keep up the payments on their insurance. If they donât pay their monthly payment, the cover naturally stops.