Moving into a new home is a super-exciting time, whether it's your first time or you've done it many times before. Yet, in the midst of going through the renting process and packing, it's easy to forget about one of the most important aspects: contents insurance.
Between 60% and 80% of renters don't have contents insurance for their possessions, which means they're not covered if something happens to their stuff. So to give you a better idea of contents insurance and why it might be good for you, we've put this handy guide together. Read on and find out everything you need to know about getting contents insurance.
What is contents insurance?
Sometimes you move into a place that the landlord has already furnished, and sometimes you bring your own furniture with you. But even if you move into a furnished home, you're still likely to have your own stuff, be it clothes, jewelry, computers or household items.
Contents insurance (sometimes known as renter's insurance) is there to help protect your possessions if anything happens to them. There's always a risk, whether it's theft, accidental damage or something else. And without the relevant protection, you could be without your most cherished items and out of pocket should anything happen to them. Contents insurance gives you extra peace of mind and protects what's most valuable to you.
Why do I need it?
Simply put, it's your responsibility to protect your personal belongings. Many renters think it falls under the landlord's remit, and it's possible they have contents insurance if they furnished the property. But it's their items that are insured, not yours.
So without any contents insurance, you run the risk of something happening to your belongings without having any protection to recoup the costs. It could leave you seriously out of pocket and in a bind if, let's say, the computer you use for work is stolen or damaged. Bad times. However, having contents insurance means that you will more than likely replace the item or get its value back in cash. Good times.
What is the landlord responsible for?
While the landlord isn't responsible for your contents, they will be required to cover the fixtures and fittings. This is usually included in landlord's insurance (otherwise known as building's insurance), which covers the building from damage.
As previously noted, the landlord will probably get contents insurance if they have furnished the property. This will protect items they include in the rental like sofas, tables, beds and wardrobes from accidental damage or theft.
What does contents insurance cover?
A contents insurance policy protects your stuff against theft or damage from fire and flooding and includes things like:
- Furniture - beds, sofas, wardrobes and dining tables.
- Entertainment - DVDs, CDs, video games, books and vinyl.
- Kitchenware - pots, pans, cutlery as well as microwaves, kettles etc.
- Soft furnishings - cushions, curtain and bedding.
- Electricals - TVs, laptops, games consoles and digital media.
- Toys, ornaments and antiques.
- Clothes and jewellery.
It may also cover your bicycle if you have one, though it's dependent on the type of cover you get and if your insurer is prepared to protect against lost or stolen bikes.
How much is contents insurance?
The price of contents insurance varies depending on how much stuff you have. You will be asked to estimate the value of your items before receiving a quote telling you how it will cost to cover them. The average cost of contents insurance is about £60 a year, paid monthly or annually.
Safeguarding your items
Contents insurance isn't compulsory, but it is highly recommended if you want to protect your items against unforeseen circumstances. With greater peace of mind, you can get back to enjoying the best bits of renting your new place, like ordering something from Deliveroo while binge-watching Netflix, safe in the knowledge that your stuff is protected. Very good times, indeed.