One of the main challenges posed by the COVID-19 pandemic has been getting people used to working from home. For tenants, this means they are spending more time in their properties and buying more items to accommodate new working practices.
For many new home workers that also own their homes, the pivot to remote work has meant taking out additional insurance to cover themselves during this new normal. But what of rents? Surely all insurance responsibilities are covered by the landlord, right? That’s not actually true, at least where belongings are ensured.
What is tenant’s insurance?
Also known simply as renters insurance, tenant’s insurance is similar to contents insurance, only it applies to somebody renting rather than owning a home. In principle, it protects your private possessions in the event of theft, damage or disaster. So if your rented home sets on fire or is flooded and you don’t have tenant’s insurance, you might end up in serious financial trouble.
Despite this, it’s thought that about 50% of renters in the Brighton don’t have tenant’s insurance, or in the Uk for that matter , with 20% still thinking it’s up to the landlord to deal with content’s cover. However, the landlord is only responsible for the building and their property within it. Nothing that belongs to you is covered by their insurance.
There’s no legal requirement to take out tenant’s insurance and some would have you believe it’s essentially gambling with your own misfortune but it’s the only way to ensure you’ll be able to replace your possessions if tragedy should strike.
There are also a few reasons why, in this day and age, renters’ insurance is more of a necessity than an option: –
Global warming – Flooding remains a blight on many UK communities, particularly riverside towns. For renters living in these communities, it’s a no-brainer to take out renter’s insurance at the best of times, as flooding can completely devastate your possessions. With global warming quite literally heating up, however, floods are becoming significantly more commonplace. So if you live by a river and haven’t at least enquired about rental insurance yet then it’s about time you did.
Crime – While the annual burglary rate in the UK has been -30% over the last year and increased in Brighton too , which is because we’ve all been locked away in our homes due to COVID and all the subsequent lockdowns. With the country now starting to open up again and more of us leaving the house more regularly, there are going to be lots of frustrated criminals waiting to make up for a year off.
Remote work – With millions of us now working from home either full or part-time, we’re likely to have more valuable equipment in our offices and living rooms. Not only is this equipment at risk of burglary but if it’s damaged and you are not covered, you might find yourself at a great financial disadvantage.