Because as a rental tenant you will only need to insure certain contents, taking out a normal home owner’s contents insurance policy will often mean you’re spending far more than you actually need to on your insurance. If you’re renting, chances are you don’t own all the furniture in the property- so those will be insured by the landlord, as will the building. This means that you don’t need to insure them- you only insure the contents that you bring with you to the house.
Tenants insurance lets you do just that. You can choose the items you wish to cover and you can have policies made to suit you with as little or as much cover as you need. Some companies even go one step further and insure the music on your computer because they know that these days downloads are becoming more and more popular and it reduces the need for CDs or tapes. This means that your music, films and any other media on your computer is covered just like they would a normal CD or DVD if your laptop or computer is stolen!
Companies will cover your possessions and money up to around £500, but each company is different so ask around for a good deal so you know just what you’re getting, and some offer discounts for signing up online. Also, in addition to getting good insurance, make sure you’re renting from a reputable landlord so it reduces the chance of you needing your insurance to protect you if something goes wrong and you end up having to pay for something you shouldn’t. Go through high street letting agencies or go on recommendations from friends or family who have used their services so you know you’re finding a good landlord- these same people could even advise you on the tenant insurance you should get. Any damage to contents owned by the landlord, or the building itself, can be covered by tenants liability insurance which protects your deposit and means you won’t have to pay out for accidental damage.