Tenants insurance

How can I save money on my tenant insurance?

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Tenant insurance safeguards your possessions while you are renting. Find out more about what you’re covered for and how much cover you need.

Couple relaxing in new home

What is tenant insurance?

Tenant insurance is a type of contents insurance that covers your belongings while you are renting. Your stuff will be insured if it is stolen or damaged by fire or flooding.

According to MoneySuperMarket data, in August 2017, the average cost for contents insurance for renters was £76 a year. 

Average cost of home insurance for tenants

MoneySuperMarket data. Correct as of August 2017.

What does tenant insurance cover?

Each insurer is different in terms of what they include as standard in a tenant insurance policy. Typically, cover is provided for these types of items:

  • TVs, laptops and other electronics
  • Soft furnishings
  • Furniture
  • Bike
  • Jewellery
  • Sports equipment
  • Books and DVDs
 “Don't confuse contents with buildings insurance, which covers the structure of the building and is the responsibility of the landlord”

How much cover do I need?

It's not always easy to work out how much it would cost to replace your home contents. But follow these steps to work it out for yourself, or have a read of ABI’s guide to valuing your contents.

  • Whilst some insurers offer online calculators, the best advice is simply to make a list of everything you own, room by room.
  • Keep the figure up to date and remember to contact your insurer if you buy an expensive item, such televisions and laptops, which could affect your contents cover.
  • Decide whether you want to include possessions away from the home – bikes or phones, for example – as these items can sometimes be included in your policy.
  • If you own anything particularly valuable, you might have to give details on the policy. There will also most likely be a limit on any claim.
  • Additionally, if you raise the ‘excess’ then you will more likely pay less for premiums. An excess is the amount you agree to pay toward any claims. 

Map of regional price variations in the cost of contents insurance for renters

MoneySuperMarket data. Correct as of August 2017.

Is a basic policy adequate for your needs?

If you buy only basic contents insurance for tenants, it will usually be cheaper than a policy that offers wider cover. But some added extras might well be worth the added premium.

You have the option to extend your policy to cover your personal possessions when you take them out of your home – for example, your smart phone, tablet or bike. Try adding the cover in when you do a price comparison, and decide whether you think the extra peace of mind is worth it.

Most insurers will also agree to insure your own and your landlord’s contents against accidental damage and the cover can be very useful, though may cost extra.

If you include accidental damage, your insurance would pay out if, for example, you spilt paint on the landlord's carpet. You would not only save yourself the expense of a new carpet, but would also safeguard your deposit. 

70% of renters opt for cover away from home

MoneySuperMarket data. Correct as of August 2017.

Add bikes and laptops separately

More expensive items such as bicycles, laptops, tablets, phones or jewellery should be mentioned specifically in your contents insurance policy to ensure they are protected.

Check with your insurer what its ‘single-item limit’ is. Anything that would cost more than that limit to replace should usually be listed separately when you take out the insurance. You often also get the opportunity to add ‘outside the home’ cover for these pricier items.

Nearly 50% of all renters add a bike or laptop to their home insurance policy

Laptops, bikes and jewellery are the three most popular items listed by tenants

MoneySuperMarket data. Correct as of August 2017.

How can I save money on my tenant’s contents insurance?

The best way to save money is to shop around for a cheap quote. But always remember to compare like with like.

A policy might be cheaper than others, but may not offer the same cover limits or type of protection. You can compare quotes from a wide range of insurers at MoneySuperMarket Home Insurance

For more information on what is covered, how much cover you need and how to save money on your policy, please read our guide to Contents Insurance.

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