My First Property

Pay Rent? Get Affordable Contents Insurance

Many people opt to rent rather than buy a home. Students and young professionals find that renting suits their financial needs while house prices are beyond their reach. For others, mortgages may be harder to attain as banks are restricting their lending criteria. Some may prefer the convenience of living under the care of a landlord with the freedom to cancel a lease on a month-to-month basis.

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.

More first-time house buying articles:

  1. Getting the Most from an Estate Agent
  2. What is a Mortgage in Principle?
  3. Pros & Cons of Living in Central London
  4. What to do during a Bidding War
  5. Buying a New Build Home: The Complete Guide

 © Clarity Media    |    Copyright and disclaimer    |    My First Property     |     Insurance Details