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asked 3 years ago
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The term 'home insurance' covers two main areas. The first is buildings insurance, which covers the walls, roof and fittings of the house, and contents insurance, which will pay to replace your possessions if they are damaged or stolen. If you are renting then it will be a waste of money to pay for buildings insurance as that is the responsibility of the landlord.
It might be more worthwhile getting contents insurance if you are a tenant, and although there are not as many providers to choose from than if you are a homeowner, there are many more than there were some time ago. It is also likely to be more expensive than getting it for your own home, as the perception of tenants is that they are a higher risk than homeowners. It is more difficult if you are sharing a home with other people, as it becomes more difficult to establish who owns an item that a policyholder has made a claim for, but providers do exist for this market.
It might be more worthwhile getting contents insurance if you are a tenant, and although there are not as many providers to choose from than if you are a homeowner, there are many more than there were some time ago. It is also likely to be more expensive than getting it for your own home, as the perception of tenants is that they are a higher risk than homeowners. It is more difficult if you are sharing a home with other people, as it becomes more difficult to establish who owns an item that a policyholder has made a claim for, but providers do exist for this market.
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Sorry, but the home insurance market is much more flexible for tenants than is commonly believed. Forget the buildings insurance - they are not a tenants concern. The landlord should have his own property owners insurance. Tenents should indeed cover their own contents and can easily do so with a number of providers - sometimes even at identical rates to owner occupiers. As for sharing with other people, providing the policy is in everyones name, no problems should occur when claiming.
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