The insuremyhouse.ie team walks you through common questions about purchasing your tenants insurance policy.
With Ireland slowly beginning to re-open during the COVID-19 pandemic, many tenants have given up their rental homes, and with a previous housing shortage in populated areas such as Dublin, Cork and Galway the rental market is soon to be flooded with new listings.
With a new home comes the need for Renter’s insurance, which is also commonly called Tenant’s or Content’s insurance. You might be thinking to yourself that insurance is only for the homeowner – but this isn’t exactly true. As a tenant it’s important for you to hold your own home insurance policy to protect yourself.
Prior to the COVID-19 global pandemic, nearly 30% of people in Ireland were renting out either a house, apartment or room. With the amount of people renting expected to bounce back, it’s more important than ever to ensure your belongings are protected, which makes a Renter’s insurance policy imperative to your needs.
Today at insuremyhouse.ie we’ll be exploring some of the most commonly asked Tenant’s Insurance questions.
What is Tenant’s Insurance?
Tenant’s insurance is designed for people who are living in a home that they rent from either directly from a landlord or a letting agent. This protects the contents of their home from a myriad of potential risks such as fire, theft, vandalism and flooding.
Your Content’s insurance policy is specifically built to protect your belongings, and each home insurance policy is different. An insurance broker can walk you through a variety of policies to determine which one is best suited to your needs.
Can I get insurance on a fully furnished rental home?
In Ireland, many homes are rented to tenants fully furnished, which makes moving a breeze, but can make determining the property on your content’s policy seem confusing. If your home was rented to you fully furnished, as a tenant you are not responsible for the items that were already within the Content’s insurance is designed to extend to items beyond supplied furniture and appliances to anything that is exclusively your property.
Do you have a home.computer? Valuable jewelry? A smartphone? Expensive clothing? These items and more can be protected under your content’s insurance policy.
Some plans will even cover your bicycle should it be stolen from an area such as a garden shed or back garden. Remember, with your insurance policy it is your responsibility to log and report all your items to ensure that they will be covered under your insurance plan.
Does Tenant’s insurance also cover the building?
If you are renting a home whether it be an apartment, a terraced house or a standalone home you are not responsible to hold and insurance policy that covers the building.
From an insurance perspective, any damage to the building or items owned by the landlord (such as furniture and appliances) should be covered under the homeowner’s own policy. Tenant’s insurance will cover the items belonging specifically to you.
It’s important to ask the status of your potential Landlord or letting agent’s insurance and find out if they hold a valid house insurance policy. As a tenant you want to ensure that you are renting a legal dwelling, and that they hold a Homeowner or Landlord’s insurance policy. If they don’t, it’s possible that the home may not be suitable for renting. To rent a home to you, your Landlord or letting agent must be registered through the Residential Tenancy Board
Am I required to purchase Content’s insurance?
From a legal perspective – no. In Ireland you are not legally obligated to have Renter’s insurance when you are letting a property. However, a landlord may include the requirement for renters insurance as a stipulation to renting you the property so it is important to check your lease upon signing, and be aware of the costs of renters insurance when considering your rental budget.
In summary, Tenant’s insurance is a valuable policy for anyone who is renting a home, apartment, or room in Ireland. Understanding your home insurance policy, what you are entitled to and where your responsibilities lie is animperative step in determining what policy is best for you. As a renter, the items that you bring into a home or room that you rent are important to you, so ensure that your content’s insurance policy will provide you with the coverage and the peace of mind that you need.
If you continue to have questions, the team at insuremyhouse.ie would be happy to answer them, or you can find out more information on our website here.
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