If you’re renting a house or flat, you might feel swamped with various fees and bills, so taking out an extra insurance policy is probably the last thing on your mind. However, if you don’t have tenancy liability cover in place, you could be unwittingly putting your finances at risk. Keep reading to find out what exactly this form of financial protection is – and to discover whether or not you need it.
The facts
As it states on the specialist insurance website homelet.co.uk/tenants, tenancy agreements can specify that if tenants damage their landlord’s property, including fixtures, fittings and furniture, they will be liable to pay for the repairs. In some cases, these bills can add up to thousands of pounds, potentially putting tenants’ finances at risk.
Available as a standalone policy or as an add-on to tenants content insurance, tenancy liability cover protects you if you find yourself in this situation. This type of financial protection doesn’t have to cost much money at all, and it gives you peace of mind that if you break or damage something belonging to your landlord, you won’t be left to foot the bill yourself.
Do you need it?
Especially if your budget’s stretched and you already have contents insurance in place to cover the cost of loss or damage to your own possessions, you might be tempted to see a tenancy liability policy as an unnecessary expense.
However, the truth is, no matter how careful you are, it’s impossible to eliminate the risk that you’ll damage your landlord’s property – and if you do, you could find a big black hole suddenly opens up in your finances. Also, living with the knowledge that you’re only ever one accident away from landing yourself with a large bill can make it impossible to relax at home.
To find out whether it’s really worthwhile getting this type of insurance, check the details of your tenancy agreement to see if you’re liable to pay for repairs to your landlord’s property – and do your sums to see how much these repairs may cost.
If you think it makes sense to get this cover, it’s time to search the web to find a competitive deal. You should be able to get a good level of protection for only a small outlay each month. Before you sign up to a particular product though, check the details carefully to ensure it suits your specific needs.
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