Home contents insurance where to start!

Leona1295

Hello all,

I have just started renting a flat with my boyfriend and 1 other person. The flat is a 2 bed flat, my boyfriend and I share one of the rooms.

We need to sort out our house insurance ASAP but I'm not sure how much to cover it for. The flat is fully furnished to a high standard (although, the flat looks like an ikea showroom so I don't think it would cost the earth to replace like for like). The flat was decorated just before we moved in so everything is lovely and new. The kitchen is very snazzy so I think the applicances in there would be pricey to replace.

Do we need to cover the cost of replacing the furnishings that belong to our landlord or do we just need to cover our own possessions?

Our tenancy contract is for 6 months, can we pay monthly or will we be tied to a contract for a year? Can we take ths contract with us if we move?

The other person we are sharing with is a student and we didn't know him before living at the flat. Is it easier to have separate insurance policies (i.e. one for my boyfriend + me and 1 for the other tenant) or should we take out a policy for the whole flat and each contribute to it.

Sorry if any of these questions are really stupid, I only ever paid for house insurance at uni and I just insured whatever was in my room, this is a while new ballpark!

Many thanks,

Leona

huckster

Suggest that you talk to a local Insurance broker to discuss your exact requirements.

Most Insurers will not provide a standard Home Insurance policy, as you are living in part furnished property and have a student lodger.

Check your tenancy agreement to see what responsibility you have for the landlords items. The landlord should have cover, as most Contents Insurances, you take out will not cover the landlords Contents.

Under a Contents Insurance you have what is called tenants liability, which is essentially cover for any liability you may have for damage to the building under standard insured perils. Though the landlord will claim under their Insurance first of all, who may then in turn claim some back from your policy.

Leona1295

Hi Huckster,

Thanks for the advice. The tenancy agreement states under Tenants Obligations - "Insurance - Be responsible for insuring his/her/their personal belongings, including food in fridge/freezer in case of breakdown"

I will look at insurance on the basis that we are only insuring our own posessions.

I will have a look around for quotes. I had a feeling that our situation would be a little bit more complex as we are sharing with a student.

Now that I know what level of cover I need I can start hunting.

Many thanks,

Leona

slowfastcars

Hi Leona

You are responsible for certain types of damage to the Landlords property. You're not responsible for 'wear and tear', but damage that can be attributed to you or your visitors, can be taken off your deposit.

You can cover yourself for this as with tenants/contents insurance, though not all insurance providers cover furnished rented property.

The landlord actually will need to insure his/her contents as well, but you may want to cover the value of your deposit.

You can cover yourself for household goods, personal effects, furniture, coins, stamps and other collections, along with other valuables. You could even have the option of covering the value of the frozen food in your deep freezer. Sometimes, you can be covered for money and anything else that belongs to or is the legal responsibility of you as a tenant. You can cover yourself against all of the usual standard perils. But ultimately, this kind of insurance is covering you for the value of your personal possessions along with the deposit you have paid.
Most policies will cover you for the cost or replacement locks due to keys that have been lost. You should also get alternative accommodation and any rent that is legally due. You should also find out if the contents will be replaced on a new for old basis.

Hope this helps

stevemarsh1976

Speak to a broker there are policies available to cover your contents in shared accomodation. The student in the flat should be able to cover his/hers under a students insurance of which there a few companies that do this type of insurance.