What is covered in renters’ home insurance policy?

Gone are the days when the only association you could have a property was owning it. In modern times, renting property has become a smart way to have a place you can call home, without breaking the bank.

As a renter or a tenant, you may not be financially responsible for the structure of your home, but the contents in the house are yours to own and protect, which is why getting renters' insurance can be helpful for you.

Here are the primary 5 types of home insurance policies you should know about:

1. Home contents insurance
2. Building insurance
3. Buildings and contents insurance
4. Holiday home insurance
5. Unoccupied home insurance

What is a renters' insurance policy?

A renters' insurance is a type of contents-only policy that primarily covers your personal belongings such as electronics, clothing or any furniture that the landlord doesn't supply. It complements the existing building insurance, which typically covers the structure itself.

Additionally, the policy protects against any legal expenses and living costs in case of a covered loss that renders your home temporarily uninhabitable.

While renters' insurance isn't legally mandated, it is strongly recommended that you consider obtaining a policy. This insurance can be invaluable in helping you replace your belongings in case of unfortunate incidents such as a fire or burglary. This can be especially important if you live in a high-risk area such as an earthquake-prone zone or a city with a high crime rate.

What does renters' insurance cover?

A renters' insurance typically protects the contents of your home that are not supplied by your landlord, along with a few additional legal expenses. This includes

• Your household possessions such as furniture, clothes or any electronics that are kept in the house.
• Your personal belongings when you're away from home, such as theft of your cell phone while travelling or breakage of any item that you're carrying with you.
• Any food that gets spoiled or damaged in the refrigerator is compensated for till a certain amount.
• Medical expenses if someone gets hurt on your property.
• Tenants' liability is covered in case of accidental damage to the owner's property or any legal expenses.
• Additional living expenses if a covered loss renders your home temporarily uninhabitable.
• New for old policy that replaces damaged or stolen items with new ones.

As you learn about renters insurance, it's important to look at what home insurance policy cover in general.

Optional covers you can add to your renters' insurance

Optional covers or add-ons are policies you can add to your standard insurance policy to expand your coverage based on your needs. With renters' insurance, you can opt for the following add ons:

• Accidental damage to any possessions, allowing for replacement or repairs.
• Legal expenses cover for you and your family to defend against any personal legal disputes.

How much does renters' insurance cost in Ireland?

Similar to most other insurance policies, the final cost of your insurance policy will be determined based on the value of the contents you own.

To reduce the cost of premiums, you could take measures to strengthen the security systems in your home!