by Harriet Bond
(San Francisco, CA, USA)
Home insurance issues for those in rented accommodation….while the need for home insurance and the benefits attached to securing a decent policy are not really in dispute, many people believe that home insurance is only applicable to those who own the home they are living in.
After all, if you are living in rented accommodation, the property is not responsibility, because it is not yours; if any damage occurred, due to an issue such as weather conditions, it would be the financial liability of the landlord. This is true, and insuring the actual building is not relevant for those who tenants, but the contents of the accommodation will still be owned by the tenant, and what many do not understand, is that this makes insuring these the responsibility of the tenant.
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In other words, if your rented flat was broken into and some of your valuables stolen, the landlord would be responsible for the cost of repairs to the property, but not for replacing your lost items. It is your responsibility as a tenant to insure these. Therefore the kind of homeinsurance policy you need is one that covers the contents of the home, but not the home itself – usually known as a home contents policy. Anything which was in the accommodation before you arrived will be covered by your landlord’s home insurance policy – you only have to worry about your possessions.
The degree of coverage you can actually get varies from one company to another, as well as between different policies – with those requiring higher premiums usually offering more comprehensive cover. It is worth considering a policy offering accident damage as a standard part of the policy, as this can be useful to have.
Accident damage will cover the cost of repairs should you accidentally spill something on a carpet, break a window, or otherwise cause damage to the landlord’s property. It is useful because, without it, you will be billed by your landlord for the cost of these repairs at the end of your tenancy.