Almost 50% of all UK contents insurance claims are for accidental damage. Only 39% of tenants renting from private landlords have contents insurance. It is likely that many private sector tenants believe their landlord looks after them by insuring the contents. It’s also possible that, since tenants are unlikely to be in the market for a buildings policy, they may simply forget about looking for a contents policy. It may also be a misconception that, “it won’t happen to us” or that “insurance costs too much.”
The thing is, for as little as £2 a week, tenants could have some peace of mind that their contents are covered. If the tenant has a mobile phone, a tablet, a laptop, a printer, a TV, a camera, a bicycle, money & credit cards, jewellery, sports equipment, clothes… all the usual trappings – it can easily mount up to thousands of pounds, without even realising there is so much to replace if, to be a little dramatic, the house burns down.
Most tenants don’t appreciate that if they should, for example, cause a flood by leaving a bath running, or lose expensive keys and entry fobs, they are liable for the cost of repair or replacement.
It is not a legal requirement for tenants to have contents insurance, however, if you are currently renting a property and do not have contents insurance, Fletcher Torrens would advise you to seriously consider purchasing a policy to give you peace of mind.