Rented property what insurance??

madlyn

What insurance is needed when tenting a property?
A family friend has just moved into a rental and the estate agents wants to sell them contents insurance and renters liability insurance in case carpets, kitchen units etc... are damaged.
Is this correct?

user1977

If they've already moved in, then presumably it's not a condition of their tenancy agreement that they have any such insurance? It's up to your friend whether they want to insure their own contents, and/or for any damage they cause to the landlords' property. If they do, they can (and should) shop around rather than use whatever the agents are offering.

Sandtree

Most contents insurance includes Landlords Liability as standard even if your a home owner... there are certain "renters" policies but these tend to be very poor value and if you were cynical you could say are intended to prey on ignorance; they are however unadvised sales so its the buyers responsibility to know if products are suitable or good value.

TELLIT01

They should check what cover is provided on the insurance being touted by the agent, and the cost.  Then do their own comparison.  I would certainly recommend insurance against damage to the fixtures and fittings, or their deposit could be at risk.

madlyn

They have just shown me the below on the tenant agreement.

Landlord’s obligations

The Landlord agrees with the Tenant as follows:

 

 

 

5.5

 To maintain a comprehensive insurance policy with a reputable company to cover the Property, and the Landlord’s

fixtures, fittings, furniture and effects (including carpets and curtains), but not including the Tenant’s belongings or

liabilities for damage. This obligation will not override the responsibility of the Tenant to pay damages for breach of

contract as claiming on insurance will increase the Landlord’s premiums.

user1977

madlyn said:

They have just shown me the below on the tenant agreement.

Landlord’s obligations

The Landlord agrees with the Tenant as follows:

 

5.5

 To maintain a comprehensive insurance policy with a reputable company to cover the Property, and the Landlord’s

fixtures, fittings, furniture and effects (including carpets and curtains), but not including the Tenant’s belongings or

liabilities for damage. This obligation will not override the responsibility of the Tenant to pay damages for breach of

contract as claiming on insurance will increase the Landlord’s premiums.

That's saying the landlord has to insure the property...

Sandtree

Wrong section, thats the LL's responsibilities... there may be a mirror sort of clause under the Tenants Responsibilities section. 

[Deleted User]

I'm in my third rental currently.  I have only purchased contents insurance as this covers everything needed.  I add accidental cover on for peace of mind and would expect to pay around £80 for a really comprehensive policy from a well known insurer with a max £100 excess for claims (except water escape).

Sandtree

desktop said:

would expect to pay around £80 for a really comprehensive policy from a well known insurer 

What you'd expect to pay will depend on if you only want cover in the house or whilst you are out and about too, how much high risk items you have, what bike (if any) you have etc etc. Thats before you get into the risk location or home security features etc. 

Its very easy to start comparing apples and oranges by randomly stating a premium... I've seen rental contents only premiums to be 20 times yours but they had a reasonably good collection of £20k watches that they wanted world wide cover on.

DCFC79

Speak to an insurer OP.

pinkteapot

Don't buy from the agent - almost certainly won't be competitive. 

Most good home insurance policies include public liability cover anyway, which would cover you if you damage the landlord's property. So separate renter's insurance seems pointless.