What is tenant insurance?
Many Landlords prefer tenants to take out appropriate insurance protection before commencing a tenancy. Tenant’s Contents Insurance policies need not just cover your own possessions. It is possible to have other protection benefits such as insurance against damaging your Landlord’s property, loss of keys or expensive access control fobs or against an accident that could otherwise make you temporarily homeless.
O’Connor Bowden can refer you to a special tenant insurer or you may choose to make your own arrangements and supply us with your policy details when commencing the tenancy.
Why do I need tenant insurance?
In most cases, tenants have a trouble-free living experience. Occasionally there may be an unforeseen event that could affect you. Here are some real examples that have happened to some of our unfortunate former tenants.
Accidental fire causing £35,000 damage
A tenant rented a new luxury apartment. After 20 minutes of moving boxes from his car into his new home, he decided to go out for lunch. On his return, he was greeted by a fire officer who had explained his apartment had been ‘gutted by fire’. He had left a cardboard box on his electric cooker, which he accidentally ‘switched on’. The total damage was in excess of £35,000 excluding the value of the tenant’s own uninsured possessions.
Tenant accidentally flooded bathroom and living room
Whilst running the bath, a resident was distracted by a telephone call. Sometime later he remembered that he left the bath running. The water had been overflowing from the bath for some time. The water damage brought down the ceiling in the room below causing severe damage to the property and the tenant’s possessions.
Keys stolen and lost during a tenant’s night out
A tenant had keys stolen for an apartment property and had to pay and arrange for replacement locks and access control fobs. The apartment locks used licensed and suited security keys which were expensive to replace. Furthermore, access replacement control fobs were required to the car parking area, costing over £100.00 each.
To discuss your insurance requirements in further detail, please contact a member of our Property Management Team.