insurance

dumb_blonde

hello;
i am soon renting for the first time,the LA have said we need to take out contents insurance.Are they just trying to sell us another product or is this the norm?
Thankyou

Gonzo33

Most homeowners/renters have their own contents insurance to cover their own possessions and furniture. Whilst the LL will be responsible for the buildings insurance, and maybe nominal contents insurance to cover any flooring/curtains left in the property.

You don't have to go through the LA to get contents insurance though, if you have a google there will be plenty of companies that provide it.

G_M

They are trying to sell a product and get commission.

Whether you choose to take out insurance for your contents is entirely up to you.

However, some agents will insist on a policy being taken out before they will issue a tenancy agreement, effectively blackmailing the tenant into taking out insurance.

The solution is to take out a policy, sign the tenancy agreement (and get the LL/agent's signature!), ensure you have a copy of this (binding) contract; and then use the 14 day cancellation period to cancel your insurance and get a refund.

As the tenancy has been signed there is little theagent can then do.

drummer_666

you don't need content insurance - it's totally up to you if you want it or not!

ruggedtoast

I was always told you were meant to have it to cover accidental damage to fittings and things, but then you have to specifically request that as an add on with most insurance policies.

I've been made to take it out by agents who made no attempt to sell it to me.

Anyway, unless you really have nothing of value you should have some insurance!

lollipopsarah

We only moved last year into a rented flat, so only had to do the contents insurance (we didn't do it with the agents though - I do seem to remember them mentioning it though) I agree with the above advise if you feel pressured, but anyway, much as we hate it, it is a must have expense because the old s+ds law.
xx