TENANTS SHOULD INSURE THEIR GOODS TOO
Tuesday, April 7, 2015
With the price of starter homes reaching almost prohibitive prices, it’s no surprise that approximately 8 million people rent properties in urban areas. Whether you’re renting while you save up for a deposit on a house or just ‘in-between’ cities for the moment, renting a home can be easier than buying one.
“Tenants don’t have to pay for the regular maintenance of the property; they don’t have to worry about property rates; and if anything happens to the physical structure of the house or apartment they’re living in, their buildings insurance should cover it,” says Warwick Scott-Rodger, Head of Dialdirect.
That said, although there are a lot fewer financial responsibilities and obligations on tenants, they should still take precautions to insure their own valuables. According to TGI research, only 5% of rented properties are insured with buildings insurance and only 4% of the tenants have home contents insurance in place.
“What tenants must realise is that the homeowner’s liability ends at the four walls you’re living in. If your property - your clothes, electronics, appliances and the like - is damaged in a fire or stolen, your landlord’s insurance will not cover this. Anything you brought with you into the place when you moved in, is your responsibility to insure,” says Scott-Rodger.
He went on to say that when seeking to insure their possessions, tenants can make this easier for themselves by keeping the following tips in mind:
*According to TGI research