Contents Insurance for Renters – Why It’s Worth Getting

Contents insurance protects belongings in your rental home and costs less than you’d think!

Contents insurance for renters is so important in this day and age, and yet, surveys show that almost half of the UK’s private renters don’t have any form of contents insurance. There are a few possible explanations for this. It’s estimated that 19% of renters mistakenly believe it’s the landlord’s responsibility to arrange contents insurance. Another explanation is that many renters are forced to be financially stringent, so choose not to get contents insurance to keep their monthly outgoings down.

To us, contents insurance is a no-brainer. After all, it provides renters with peace of mind, offering protection from forces outside of their control for just a small monthly/annual fee. Much of the hesitancy surrounding contents insurance appears to be down to a lack of understanding as to what it is and why it’s needed. In the UK especially, Brits aren’t fully aware of its benefits, so the idea of contents insurance often doesn’t even cross their mind.

In this article, we’ll be providing a deep dive into contents insurance for renters. We’ll be examining what it is, what the benefits are, and what it does/doesn’t cover. Above all, we’ll be figuring out exactly why British renters are staying away from a type of insurance that can cost less than a pint of beer per month.

What is Contents Insurance?

Contents insurance is a type of policy that provides your household items with a degree of security. If your possessions were to suddenly break, then replacing them can end up being seriously expensive. In these cases, contents insurance removes any fears or worries you may have.

When the unexpected strikes, contents insurance helps to guarantee that your belongings are protected against damage from various causes; whether these be fire, water, storms or burglary. Rather than having to shell out for replacements, contents insurance will cover this cost. What a relief!

Many modern policies go one step further than simply offering additional protection in the home. Some will even cover risks such as accidental damage and theft of possessions that are on your person when out and about. 

What’s so great about contents insurance is that despite all the perks entailed, it really isn’t that expensive. Some tariffs and deals can start at below the £3 mark. What’s more, there are plenty of other positives regarding contents insurance for renters. Despite these positives, many still seem unconvinced and the uptake for renters’ contents insurance in the UK remains low when compared to other European countries.

Why is Contents Insurance for Renters So Important?

It covers losses to personal property

In terms of what contents insurance protects against, it’s an impressive list. Your personal property includes items such as clothes, jewellery, luggage, furniture and various types of electronics. Even if your house isn’t packed full of expensive items, this collection can still add up to a total that you definitely wouldn’t want to pay for if it all got damaged.

Most contents insurance policies will provide you with the money to replace damaged or stolen belongings with brand-new alternatives.

It can protect belongings when you travel

Many contents insurance policies have the added bonus of protecting your belongings when out of the home. If you find your possessions stolen when halfway across the world, then many policies will still apply (though you need to check this first to be sure).

It’s seriously affordable

Unlike some other forms of insurance, contents insurance is incredibly affordable – even for students or other young renters. The average contents insurance policy costs just £140 for an entire year (or £2.70 per week). While this will vary from house to house – depending on where you live and how much coverage you need – costs always remain low. Some policies can be found for as little as £3-£4 a month.

Some landlords require it

Landlord’s insurance will cover the home you live in and any other land (like a back garden), but doesn’t cover your belongings. We’ve noticed a growing trend of landlords who require tenants to get their own renters’ contents insurance. So in some cases, it’s a requirement anyway.

What Does/Doesn’t Contents Insurance for Renters Cover?

It does cover:

Contents insurance protects you if any of your items are damaged or stolen. The vast majority of contents insurance policies will cover:

• Any damage to contents which is caused by storms, flooding, earthquakes, fire, lightning, explosions, theft, riots or vandalism
• Any cash stolen from your home
• The cost of spoiled food if a fridge or freezer breaks down
• Legal liability protection if a visitor to your home is injured

It doesn’t cover:

Some things aren’t covered by contents insurance that you might be surprised about (not items as such, but rather circumstances in which an otherwise fair claim can be voided), so it’s really important to know about these exceptions upfront. The most common things that usually aren’t covered are:

• Accidental damage
• Damage caused by wear and tear
• Burglaries in certain circumstances. For example, when there’s no sign of forced entry, your claim may be turned down
• Acts of terrorism 

Getsafe’s Contents Insurance for Renters

One of our favourite contents insurance providers is Getsafe. Getsafe differs from conventional (and often quite dull) contents insurers by being entirely app-based, offering 24/7 claims reporting through chatbots and having a young team who are constantly on the lookout for ways to make their services even better. Getsafe is keeping up with the times and has created an online, app-based process that is speedy, effortless and doesn’t require any physical paperwork. Their prices are super affordable as well, with monthly costs starting from just £2.71* per month!

As friends of Getsafe, they’ve given us £15** credit to gift our readers which you can claim here!

Contents Insurance for Renters – Our Final Thoughts

There are numerous other contents insurance providers out there with well-priced policies. Regardless of who you choose to go with, it’s important that you understand exactly what your policy does and doesn’t cover, along with any coverage limits.

Insurance policies have long been looked at with distrust from much of the UK public, particularly younger generations. While this is partially a failure of insurance companies who haven’t been able to properly sell their products and services to young people, companies like Getsafe are doing a great job at bridging this gap. 

Modern offerings like flexible cancellations, tailored insurance content, 24/7 chatbots, transparent pricing, fully-functional apps (and let’s not forget affordability) are helping to drag contents insurance into the 21st century and make it more appealing for all.

Get £15** credit on your account when you sign up to Getsafe through our friends of Getsafe link.

*T&Cs apply

**Additional T&Cs apply

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