Tenants Home Insurance

However, tenants usually believe that if they are not going to be living in a property for a very long time, then they will not really need insurance. But it is always a good idea to get tenants home insurance which covers their contents. There are many providers that offer this type of insurance and many will provide insurance for tenants who are renting out council properties as well.

Even if the property you are living in is not furnished, most landlords require a deposit which in most cases will be a month's rent, this is so the property owner is able to cover the costs if you have caused any damages, however if you haven't the deposit will be given back to you. In furnished houses, if any damage is caused to the contents, tenants will be liable to cover the damages and therefore it will be deducted from the deposit made to the landlord. If it is general wear and tear they will not be responsible for the damage.

In some cases landlords may believe that you are responsible for accidental damage as well but you are able to have cover for this. The landlord usually has insurance on the contents they own in the property, but you are able to have insurance on your deposit and if you have any contents that are owned by you in the property you could insure that. If the house is unfurnished, then all the contents you bring in the house are your responsibility to insure them.

You can have insurance for many things in the property including furniture, electronics, household goods and collectibles such as coins and stamps. In some policies you are able to have insurance on money that has been lost and any other items that you have ownership for. This policy covers you for your personal possessions and covers the deposit you have made.

It is absolutely necessary to get tenants home insurance in other words contents insurance if you are planning to rent out. It is very common for people not to realise the importance of getting insurance for their contents but it is important because you are protecting and securing your investment with the tenants home insurance policy.

The tenant's home insurance policy will protect you from accidental damage, home emergencies, flood damage etc. You will be covered in unfortunate situations like robberies and if your belongings were damaged.

If you are renting out or plan to do so, you should definitely consider taking this type of policy out, this is because if tenants choose to buy high-end goods for the house, it can be extremely risky if you don't plan to take an insurance policy out. However if you do you will be protecting your expensive goods and you will be reducing the risk of losing all the money that you spent on your contents. Some fail to understand that landlords insurance is something completely different, it is the landlord who is protecting their contents and their building and renters are responsible for protecting their own contents by taking their own insurance policy out. This is why tenants home insurance is vital for tenants

Holiday Home Insurance

Holiday Home Insurance is a type of insurance where you can either insure a property that you rent out to people on short term deals or that you use as a second home, this is obviously a different type of policy to Landlord Insurance as the holiday home would probably not be let out all the time and most probably for a large portion of time the property will be vacant.

There is however similarities between the two policies as Holiday Home Insurance generally will cover things such as:

• Fire, lightning, explosion or earthquake
• Aircraft and other flying devices
• Storm, flood, weight of snow
• Escape of oil from fixed domestic oil-fired heating installations
• Escape of water from fixed water tanks, apparatus or pipes
• Accidental damage to oil pipes, underground supply pipes, sewers, drains and cables
• Theft or attempted theft
• Collision by any vehicle or animal
• Riots, strikes, violent disorder, civil commotion and malicious damage
• Subsidence or heave of the site or landslip
• Falling trees, lamp-posts or telegraph poles

Due to the fact that this policy is mainly designed for times where the property is rented out you will only get full cover (as above) when the property is considered occupied which by the insurers definitions is when the property have been occupied within the last thirty days. If the property has been unoccupied for 30 days then cover is generally restricted and terms will be added, here is the general term that will be put on to unoccupied holiday home insurance:

While the home is not normally lived in or occupied by a holiday tenant

The buildings and contents section of this insurance does not cover;

a) Loss or damage by escape of water from and frost damage to fixed water tanks, apparatus or pipes UNLESS the water is turned off at the mains and all tanks and pipes are drained, OR the central heating system is in continuous operation to maintain a minimum temperature of 60° Fahrenheit/15° Celsius between the 1st of October and the 1st of April inclusive

b) The standard excess of £50 is replaced to the first £250 of every claim other than fire and subsidence, heave and landslip which are as per the certificate wording

c) Escape of Water and Escape of Oil Excess is increased to £1,000

d) Jewellery, furs, gold, silver, gold and silver plated articles

e) You must arrange for both internal & external inspections of the property at least every 30 days and a record log of these visits must be maintained.

However this is still more cover than you would usually be able to get on an unoccupied property and you would only have to let the insurers know when a tenant was next renting the property and you would get the full cover back again. You don't have to only insure the property as a Holiday Home that is going to be rented out you can insure it as it might be rented out or you might use it yourself as a second home.

So if you have a second property that you either rent out as a holiday home or even a property that you use as your second home then by answering just a few questions you will be able to get a quotation to protect the property from any circumstances that you may use the property for.