Tenants’ risks and responsibilities
Tenants don’t need to insure the property that they are renting but they should seriously consider the value of the goods that they own – their personal belongings.
Your landlord should have a comprehensive landlord’s insurance but this is unlikely to cover the possessions that belong to the tenant. Think of the various items that the tenant is likely to own – computers, cameras, phones, clothing and perhaps the television and some furniture.
As part of the process the tenant should insist on a comprehensive inventory being undertaken by an independent professional (An independent inventory clerk) – this way there can be no argument about the state of the property when it was initially rented. This can be useful when the tenant leaves the property as some unscrupulous landlords try and retain the deposit claiming spurious damage has occurred to the property. By the same token a full inventory also protects the landlord should damage occur.
The tenants can usually tailor make the cover that they require. Costs start at around &2 per week depending on the value and perceived risk. Because most agents are not covered by the FCA (Financial Conduct Authority) they cannot give specific advice on insurance. However, as an introducer, the agent is allowed to pass the tenant to an insurance adviser.
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