Confused about insurance when renting

surferstar

I haven’t rented for many years. Homelet called me today after successful referencing, trying to sell me ‘tenants liability insurance’ for £12 or so a month and £3 on top for contents insurance. 

All my googling suggests that tenants liability insurance is a bit of a con as contents cover is usually fine. 

The property I’m renting is a flat in a big development and I know that the landlord would pay for buildings insurance as part of the service charge (ie the policy isn’t their own). 

I need to have cover for furniture as the flat is furnished, including accidental damage. I assume contents cover with accidental damage is absolutely fine for this. Where I am confused is how to cover for something like accidental damage to the induction hob ( smashing the glass) or chipping a sink in the bathroom. I don’t even know what covers this if it was my own flat. 

Any accidental damage clause I’ve read says it’s for things like knocking a tv over or spilled paint on a carpet. Yet any fitted appliances or furniture doesn’t apply. 

Any help would be appreciated. I could just buy the policy from Homelet but it seems to be about double the price of standard contents cover with accidental damage. On the phone they explained it includes damage to appliances in the property itself. 

surferstar

The other thing is there’s obviously a deposit paid which will be deducted from in case of any damage. In case of damage I’d rather pay a smaller excess for the policy than lose out £1k to replace a bathroom fixture. I assume this makes sense unless I’m missing anything. 

HobgoblinBT

Having been a homeowner for 40 years and recently a landlord as well I would recommend taking out insurance to cover your own risks, ie contents insurance.  This is based on several claims eg subsidence, flood from a washing machine, loss of keys and loss and replacement of a wedding ring.  If you feel it appropriate you can probably add tenants liability for a small additional premium.

Your letting agent’s quote probably includes a good commission for them so take your pick of the usual comparison sites such as compare the meerkat, go compare etc…other comparison sites are available.  I suspect you could get your own cover by going direct for about half the agent’s insurance quote.

Hope that helps.

Jemma01

Been renting for 15 years, never heard of a tenant liability insurance, and my awful money grabbing agent never mentioned it. It's unfurnished so no content insurance with them

elsien

surferstar said:

The other thing is there’s obviously a deposit paid which will be deducted from in case of any damage. In case of damage I’d rather pay a smaller excess for the policy than lose out £1k to replace a bathroom fixture. I assume this makes sense unless I’m missing anything. 

Don’t forget, they can’t claim the price of a new replacement for an old fixture, although some landlords do try it on. So 1K for a new bathroom sink seems unlikely. 

Herzlos

What exactly does the tenants liability insurance cover? Just the accidental stuff you'd lose part of your deposit over?

I'd be inclined to skip it, or get it for half the price elsewhere.

user1977

Herzlos said:

What exactly does the tenants liability insurance cover? Just the accidental stuff you'd lose part of your deposit over?

Yes (and losses which go beyond the level of the deposit).

Merely getting "contents insurance" (as suggested in the OP) may only cover the tenant's own property. Though in practice I think contents policies marketed at tenants will tend to include both types of cover.