Tenants Contents Insurance

Pott5y

It seems that my Insurance Broker might have found a company that is willing to underwrite this for a very competitive price.

Apparently more and more letting agents are starting to ask/insist on it (probably because it covers their 'bottoms' if anything happens) so he is hoping that he may have found an oppurtunity to offer this at a price competetive to the mainstream insurers prices for normal contents with accidental cover.

In my opinion this is what the deposit was for, but I now think that as deposits have to be placed under a deposit protection scheme it is now not so easy for the landlords to just withold deposits for damage etc so now they are looking for insurance protection from the tenant.

I am not saying that I agree with it but I can see that if the landlords contents insurance will not cover for accidental damage by the tenant to any of their contents or fixtures and fittings do they not have a right to ask the tenant to make sure they are covered to protect their property in someway.

I know in most instances the tenants will pay for any damage caused etc, but I am sure there are always 'the few' who are irresponsible and therefore make everything more complicated for everyone. That is just the way of life these days unfortunately.

Heliflyguy

Pott5y wrote: »

but I now think that as deposits have to be placed under a deposit protection scheme it is now not so easy for the landlords to just withold deposits for damage etc so now they are looking for insurance protection from the tenant.

Its now not so easy for a bad LL to make unjustified claims against the deposit

I know in most instances the tenants will pay for any damage caused etc, but I am sure there are always 'the few' who are irresponsible and therefore make everything more complicated for everyone. That is just the way of life these days unfortunately.

I am sorry to say this because you sound like a genuine person but its not the few that may be causing this change, the deposit has always been there for any damage.
Its people that allow LL's and LA's to push this onto tenants and brokers who can see an opportunity to make money.

If you have already signed the AST then I cant see how they can insist on this, only problem is they could not renew your AST when the time comes, basically your being blackmailed as far as I am concerned.

Heliflyguy

Pott5y wrote: »

I am not saying that I agree with it but I can see that if the landlords contents insurance will not cover for accidental damage by the tenant to any of their contents or fixtures and fittings do they not have a right to ask the tenant to make sure they are covered to protect their property in someway.

They already do its called the DEPOSIT......:mad:

Pott5y

Infuriating I know. Another way to extort money from us poor old tenants. :mad:

But....

On the positive front I have just spoken to a customer advisor at More Than and they include this tenancy clause within their policy now. Up to £11,500 cover of accidental damage to anything you are responsible/liable for including landlords fixtures and fittings and contents. They also cover up to £6000 for covering any improvements that you make ie, built in wardrobes etc.

My cover now comes in at less than £150.00. Fantastic. :D

Thanks for all the advice :T:T:T:T

huckster

That is worth noting about Morethan.

Not sure what they would be like in a claim though, going by other posts. But you will have to cross that bridge, if it happens.

Pott5y

Worried me a bit now!!

Whats wrong with them?

I thought all insurance co's can have their nightmares, especially at claims time. I am lead to believe they are underwritten by Royal Sun Alliance.

huckster

They can be frustrating to deal with, as they use overseas call centres. Can be difficult to get someone to take ownership of a claim.

R & SA are not the same company as they use to be. Mainly due to the cost cutting achieved by closing down a lot of their UK operation, in favour overseas offices.

cifpower

My friend and I recently moved house so took out contents insurance with accidental damage cover with Lloyds TSB and the insurance is provided by AXA. I have 6 years no claims and as it is classed as a shared house but with a joint tenancy the premium was a shade under £230. NatWest wanted near £900!

vaio

Can the LL claim on this policy? Or is it down to the tenant to claim and then be trusted to actually spend the pay-out on a new carpet in a flat they are just about to move out from?

And if the latter, just how does that differ from the deposit scheme?

Pott5y

It is not a replacement for the deposit. We still have to pay that. Surprise!! Surprise!!

I think that it is just to make sure that you have a way of paying for any damage to be recified. The tenant would be responsible for getting the repairs done before the landlord would authorise the release of the deposit.

As I said in an earlier post in my opinion this is what the deposit was for, but I now think that as deposits have to be placed under a deposit protection scheme it is now not so easy for the landlords to just withold deposits for damage etc so now they are looking for some sort of insurance protection from the tenant for accidental damage to their goods. Also I am not sure whether LL policies cover for accidental damage by the tenant.

My letting agent is not actually trying to sell me an insurance policy directly, they have just stipulated in the AST that we must have this insurance.