The following post is by Jesse Hughes. Enjoy!
There’s every chance that you may have items in your home that are rented; they do not actually belong to you. There is always a chance that a problem may befall your property and you may have to claim on your home insurance, but are rented items covered when this happens?
When you’ve purchased an item, and have it in your home, you know that you should claim for it on your home insurance plan should there be a problem in your home, such as break in and theft. You may not necessarily think the same way about a rented item. Keep reading about your home & contents coverage options, you can learn what kind of cover you’re eligible & exactly what you’re covered for.
Your home insurance covers all items that you have a financial interest in
When you take out home insurance you are covered for the property in your home in which you have an interest. If you have bought a TV for instance, this will be covered. What you may not know is that you are also covered for items you rent.
Although you haven’t purchased these items you are spending money on renting them so you are disadvantaged by not having the item available and you are responsible for the item. It’s a different situation to if an item in your home belongs to someone else who is not living there. You don’t have any interest in items like this so your home insurance does not cover the replacement of them.
The rules with regard to cover for personal items do not just apply if you own your own home. If you rent a property then you will need to purchase renters insurance to cover the cost of the personal property you own. The same rules apply with this insurance.
What do your need to consider when you purchase a home insurance policy?
When you’re looking at buying a home insurance policy you need to shop around to see which plan suits you the best. You may want to opt for a higher deductible in order to keep the amount of your premiums at a lower level. You may also be able to get a good deal on your plan if you get your home insurance and vehicle insurance from the same company.
The one thing you need to make sure you do is to check the policy in detail before you buy it to make sure that it covers everything you need. If you have items in your home that are especially valuable you will probably need to get these items insured separately as they may not be covered under a general policy. You should be able to discuss this with your insurer when you go to purchase a policy.
Don’t forget you need to make sure that you have enough cover for the property you have purchased and any property that you are renting. If the worst does happen you don’t want to be in a position where you are out of pocket because you haven’t got sufficient home insurance cover.
