IF you are a tenant or rent a property for any reason, then you will need renters insurance to cover your own possessions and belongings. This is a form of contents insurance specifically for renters and there are ways to save money when you buy it.
Very basically renters insurance will cover your own belongings Â the contents of the property. This includes TVs, beds, sofas, jewellery and anything else you might own. It is just like standard contents insurance.
There are some items you will need to declare on renters insurance. Things like large sums of cash or items valued over Â£1000.
You will also need to decide if you want your renters insurance to cover your items when you are away from the property. This is useful if you have an expensive lap top computer, camera or maybe even an engagement ring.
Renters insurance will cost approximately the same as any normal contents insurance policy. But it is specifically for people renting, so matches your need exactly and removes this area of possible contention in the event of a claim. The risk profile is slightly different, so best to play safe and get the right renters insurance.
Typically a policy will cost around Â£100-Â£150 on average. If you live in a high-risk area or have lots of high price items in your property, it could cost more. Insuring anything away from the property will certainly raise the price.
Your view on what level of excess you are happy to pay will be important. Generally the more excess you agree to pay, the lower the cost of the renters insurance. The reason for this is if you choose Â£1000 excess, then there are probably not many things you can claim on your insurance if you break or lose them
The best way to save money on renters insurance is to compare the prices of different brokers and insurers. You can do this at www.thepropertyinsurer.co.uk. Simply fill in one form that takes two minutes to complete. It will then go off to three specialist renters insurance experts who will contact you with their best prices and try to win your business.
You simply compare the quotes and cover and choose the one that is best for you. ThatÂs how you can save money with renters insurance.
The Property Insurer