30 Oct 18

Tenants Liability Insurance: Why Am I Being Told To Buy It?

Guest blog by our friends at Urban Jungle.

So you’ve just found your dream flat, and your agent isn’t letting you move in until you buy Tenants Liability Insurance. This can be really stressful, especially when you’ve taken so long to find the perfect place. Tenants Liability might sound intimidating, but is its bark worse than its bite?

What is it?

Tenants Liability Insurance covers your landlord’s furniture, fixtures and fittings against accidental damage. This means things like the carpets and curtains, and not parts of the building like windows and walls. Tenants Liability Insurance comes in very handy if you spill wine on the carpet or break any chairs, as it can prevent deductions from being made from your deposit.


Can my landlord make me buy it?

As it stands, yes, your landlord or letting agent can make you get Tenants Liability Insurance if you want to move in. What they can’t do is make you buy from a particular provider, so if they’re offering you something which seems expensive, you can probably find it cheaper elsewhere. There aren’t that many providers out there, so a quick google should give you all the options! Urban Jungle offers it from £40 for a year, which is a good price to benchmark from.

How much is too much?

It’s a pretty loaded question because people need different things from their insurance. After some research, we’ve found that prices range between roughly £40 and £100 for a year, with cover ranging from £4,000 to £10,000. It’s easy to get ripped off when you’re worried about losing your dream flat, but don’t be afraid to shop around before deciding on a policy.

Why do I need it as well as a security deposit?

Good question! Tenants Liability Insurance is often described as a way to protect your security deposit, but it’s important to know that it isn’t a replacement for one. Tenants Liability will help you out if you stain the carpet, but not if you don’t pay your rent on time. There are a lot of reasons that your landlord might want to make a deduction from your deposit, so bear that in mind.

 

If you’re being made to buy Tenants Liability Insurance, then this mini-guide should have all the info you’ll ever need. If your letting agent is offering it to you and the price seems a little steep, then you’ll almost definitely be able to find a better value policy elsewhere. Urban Jungle offers flexible cover without any long forms or personal questions, and you can buy it in less than 2 minutes!

 

Guest blog by our friends at Urban Jungle.


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