Contents insurance that protects your tenancy deposit
As a tenant it is possible to protect your deposit from charges for damages caused to the landlord’s property. It is possible to do this with specialist tenant’s content insurance.
Specialist tenant’s contents insurance normally comes with the usual things you expect from a contents insurance policy such as:
- Accidental damage. Covers accidental damage for TV, DVD and Hi-fi equipment, including LCD and Plasmas.
- New for old replacements. Replacement of damaged or stolen goods on a new for old basis, many of which will be delivered directly to you.
- Replacement of keys and locks. Covers the costs incurred when replacing your home’s locks, safe or alarm systems as well as your lost or stolen home keys.
- Cover for cards and cash. Normally you will receive £500 cover for cash and £500 for debit and credit cards.
If you are keen to protect your deposit, and let’s be honest why wouldn’t you, you need to make sure the content insurance policy includes cover against accidental damage to your landlords contents, fixtures and fittings. You need to understand that standard “contents insurance” will not cover you, the tenant, for damage to the landlords contents (i.e. what was there before you moved in). You need to take out Specialist Tenants Insurance.
How will accidental damage cover for your landlord contents, fixture and fittings, help protect my deposit?
Accidents can happen. For example, a spilt glass of wine or an iron mark on the carpet, are common accidents and frequently happen. But when you live in a rented home, you might not realise that your landlord could take the cost of the repairs out of your deposit. However, if your content insurance policy covers against accidental damage to your landlord’s contents you will be able to claim the cleaning or replacement of the carpet (in this example) from your insurance.
So protect your belongings and make sure that you protect your deposit, with tenant’s contents insurance also covering your landlord’s belongings.