We often hear about how important home insurance is for property owners and how crucial landlord insurance is for commercial property owners, but the one area that often gets ignored is tenants.

Although tenants do not own the property they live in it is of course filled with all of their belongings and is essentially their home, meaning tenants insurance is very important. You may think that as it is not your house you don’t need it but there are some very good reasons for investing in tenants insurance:

 Landlords Won’t Cover You

The majority of landlords will have comprehensive landlords insurance that covers them against damage to the property, but this does not cover tenants. In the event of a fire, for example, the landlord’s property would be insured and he would get money for the loss of the building, but the tenant’s contents would not be covered, meaning you could lose all of your belongings and get nothing back.

 Property Damage

When you move into a rented property you will have to pay a deposit and in the event of any damage caused, your landlord may take this deposit as compensation for repairs. However, there are circumstances when it is not the tenants fault and you could end up losing a deposit you should have gotten back.

 Tenants insurance would cover against such circumstances and could stop you from losing a deposit you need for the next property you move into. If the damage is not your fault you will be covered and reimbursed with the correct insurance.

 Flat Mates

Anyone who has rented a property during Uni knows that you don’t always end up with the best flat mates in the world. You may go away for a weekend and come back to find some of your stuff damaged or even missing, through no fault of your own, and this is where tenants cover would protect you and help you claim back on damaged or missing goods.

 It’s not something a lot of tenants take into account, but you have to remember that you won’t be covered by your landlord’s insurance and so if you want protection you need to invest in a comprehensive tenants insurance policy.