Tenants Contents Insurance

With the rise and rise of the buy-to-let rental market, it was inevitable that new government legislation would come into play along the way. This was confirmed that with effect from 6th April 2007, a tenancy deposit scheme was launched by the government to aid in the protection of deposits paid by tenants to their landlords at the start of a tenancy agreement.

From 6 April 2007, the new legislation states that all deposits taken by landlords for Assured Shorthold Tenancies (ASTs) in England and Wales must be protected by a tenancy deposit protection scheme. The aim is to increase standards in the private rented sector and to ensure good practice in deposit handling, so that when a tenant pays a deposit, and is entitled to get it back, they have reassurances that this will happen.

There is no current law to say a landlord must take a deposit from a tenant. If this is the case, there is no need to opt into this new scheme.

Tenants must also be aware of their own responsibility to insure their belongings. It is often a common misconception that it is the landlord’s responsibility to insure the contents within their property, however this is untrue. Any contents and belongings that are owned by the tenant are their own sole responsibility and must be insured under tenants contents insurance.

As that name suggests, tenants contents insurance is a simple package. With the popular rise of buy-to-let in recent years, such packages are becoming more and more popular with an increasing amount being widely available on the market. The internet offers a great source for all of your insurance needs and it appears that more and more insurers are fixing their focus towards the buy-to-let market to provide landlords with a competitive insurance package for their buy-to-let requirements.

Tenants contents insurance usually offers a minimum amount of cover, such as £30,000. The insurance premium is determined should you exceed that amount. Other factors that could affect the premium are the size of the property, such as the number of bedrooms. The greater the number of bedrooms means the chances of more items being stored in the property.

As a tenant, it is important to obtain the correct level of cover with an insurer that provides a first class claims service which is easy to use and that ensures your loss is dealt with efficiently. The insurers for our tenants contents insurance are Navigators Insurance Company Limited, a global American insurer who in 2006 choose to enter the UK property insurance market.

They offer a prestigious background which enables them to provide a service unlike most other insurers. Their policy wordings are comprehensive to make sure you receive the correct insurance cover to meet your requirements.

Additional covers are also often included. Our policies include cover for loss of keys, as well as frozen food, up to a limit of £250.00 along with cover for loss of rent up to a maximum of 20% of the contents sums insured. Loss of rent protection will reimburse you for up to 1 months rent you are legally liable to pay and/or alternative accommodation whilst your home is uninhabitable following loss or damage which is covered by the policy.