If you’re planning to rent soon, you might be focusing on the upcoming move, not tackling paperwork. The good news is, you won’t have to factor in building insurance – but you should still protect your belongings from theft, damage, and other hazards.

The easiest way to do this is by taking out an insurance policy designed for tenants. It’ll only cost you £57 a year on average* and will usually cover:

• Your personal belongings, furnishings, and appliances 
• Accidental damage to your TV, computers, and devices 
• Changing the locks or fitting an alarm if your keys are lost or stolen 
• Money stolen from your home, including cash and cards 
• Accommodation if your home is affected by fire or flooding  
• Legal fees in case of a disagreement between you and your landlord

High-value items such as bikes and portable equipment may also be covered up to a set value, or you can add these items onto your policy for extra peace of mind. In addition, a tenant’s liability insurance can protect your deposit by paying for damage to the landlord’s property and furnishings.

Although there’s currently no legal requirement for renters to take out insurance, your tenancy agreement may stipulate that you should. Either way, the cost of replacing items often far outweighs the small annual fee, especially in the event of fire or flooding.

Many providers even allow you to pay monthly, and you can always shop around on the comparison sites. By insuring your belongings from the start, you’ll know exactly where you stand in the event of a mishap or disaster – just check the fine print first!

We’re always here to advise tenants. We’re always here to advise tenants. We’ll help you find your perfect home, simply get in touch and let us know your requirements.

*Data from the Money Advice Service