Itís still important for renters to have contents insurance, even if it isnít compulsory. Items such as televisions, laptops, mobile phones, washing machines, clothing and jewellery can quickly add up to a sizeable amount that would be difficult to raise if the items were stolen or damaged by fire.
There are a few hazards that can damage tenantsí possessions, particularly in older buildings where security systems, wiring and plumbing may not be up to date. Items may be damaged by fire, smoke, flood, leaked water, oil or theft. While home contents insurance protects against risks, it also may have certain exclusions, for example, if tenants live in shared accommodation or if the applicant rents a property that is already furnished.
Thus renters may choose to make inclusions in their policies for items of value; for example, musical instruments. They might want protection against damages such as broken furniture, spilled paint or broken appliances. Renters can also extend their contents cover to include the loss of belongings outside of the home. When selecting a policy, in other words, be sure to read the insurerís inclusions and exclusions carefully.
While the best way to get affordable contents insurance is to compare a variety of insurance companies, remember that the cheapest policy doesnít always provide the best cover. Find out more about home insurance and take that first step towards protecting your belongings.
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