Living in an apartment comes with its own set of unique circumstances. Renting can remove a tenant from a wide range of financial and legal responsibilities. Still, it can also raise questions, especially if it's someone's first time living outside the family home.
So what do renters/tenants need to know about insurance? Like most things in life, The AA has you covered. Here's our advice on what to do.
If you're renting, you don't need home insurance... you need Contents Insurance!
Imagine this scenario. You're living in a lovely flat, having a great time and want to take a bath. You go to run one, and the boiler starts acting up – who is responsible for getting it fixed?
In this scenario, the owner is responsible as the boiler is part of the property's central heating/water system. Typically, while tenants are responsible for ensuring everything in an apartment looks its best, anything outside of that should fall under the owner’s remit.
A good rule of thumb is that if you're looking at something that can't be lifted, moved, or taken with you, it most likely falls under home/buildings insurance (think the likes of fixtures, fittings etc.). For example, if you come back to your apartment to find a broken window, it would fall under home insurance and be the landlord's responsibility to get sorted. You might have to go through an estate agent if that is how the apartment is rented out, but the responsibility stays the same.
So renters should get home contents insurance?
It depends on how you value your items and the contents of the apartments. Some people prefer not to have contents insurance, while others will want that safety net in place.
If you have a lot of stuff, you might feel overwhelmed knowing what to get coverage on. Contents cover from The AA starts from €23,000, and you can list specific items, such as:
- Laptops & Tablets
- Sports Equipment
- Musical Instruments
The best way to think of what needs covering is to imagine what you'll pack up when you move. If it is something you want to take with you, then you probably want it covered in your insurance policy.
The AA provides different levels of coverage depending on how you rent. These include:
- Rented Student
- Rented One Person
- Rented Persons (groups of 2 up to 10)
You can see these options with you apply for a quick contents insurance quote.
It isn't just about theft!
One last point on contents insurance that often gets overlooked. When you have insurance as a tenant, you're not just covered if someone breaks in and robs the flat. Contents insurance for tenants also covers someone for damage from the likes of fire or water flooding a flat. AA contents insurance even helps with door lockets and items you keep in a shed or garage. For example, you might keep a bicycle or sports equipment in a shed.
If you need more info on insurance as a renter, we recommend reading more about contents insurance and getting in touch with us to see what options you have.