26 June 2014
A large number of tenants and landlords risk losing thousands of pounds in personal possessions by not having the correct contents insurance.
Leaders, one of the UK's largest independent letting specialists, said many tenants w
Similarly, many landlords mistakenly assumed they were covered by standard buildings insurance for letting their property to tenants. However, standard home insurance policies rarely included cover for any property from which income was earned and the insurer could reject any claims made on that policy.
A recent survey estimated that almost a million private tenants had no home contents insurance, despite the fact that a third of private renters surveyed estimated their possessions to be worth more than £10,000 in value, with some individual items worth over £1,500.
A fifth admitted it would take over two years to replace all of their possessions if they were stolen or damaged and a third thought they would never be able to afford to replace all of their personal belongings.
Landlords who had a standard household policy might not be covered for accidental or malicious damage by tenants, loss of rent following an insured peril, landlord liability or if their property was empty for more than 30 days.
Paul Weller, Leaders managing director, said "Insurance is something most of us would rather not have to pay out for, but having the right policy in place can save an enormous amount of stress and financial hardship if the worst happens."