Tenant insurance: What you need to know...
21 Jan 2025
Moving into a new rental can be a bit overwhelming. There's so much to consider – applications, references, payments, and those pesky bills! At Ultralets, we understand. That's why we're here to make things easier. We offer free advice on tenant insurance across the UK. Whether you're renting through us or not, we're here to help you every step of the way.
What does tenant insurance cover?
- Contents in the home: Whether it’s a house or a flat, furnished or unfurnished, you’re going to be moving your belongings inside that home. These include expensive things like beds, sofas, TVs, and other electrical items, as well as less valuable items such as cooking equipment, clothes, and books. Tenant insurance protects you from the cost of replacing those items if they're damaged, lost, or stolen.
- Contents away from the home: Smaller high-value items such as jewellery, watches, phones and laptops are generally not lost in the home - they’re lost in the street, in a bar or restaurant, or even at an airport on holiday. We can arrange insurance that covers those key items away from your home.
- Accidental damage: Knocking the TV off the TV stand or spilling coffee on your laptop, or sofa. Accidental damage allows you to replace your belongings damaged in life’s little accidents.
- Alternative accommodation: If an insured event, such as a fire, flood, or major leak, renders your home unliveable, your insurance will cover the cost of short—or long-term accommodation in a hotel or another rental property while your home is repaired.
- Tenant liability cover: This covers accidental damage to the landlord’s property. Things like a cracked bath or shower tray, or a spill on a carpet that could cause you to lose a portion of your deposit can be covered by your insurance.
Why is tenant insurance important?
Tenant insurance is important because if your belongings in a property are damaged, lost, or destroyed - your landlord is not liable for that loss - even if the damage was caused by a property fault, such as a burst pipe. That means that any repair/replacement of those belongings, regardless of the cost, will be down to you to fund.
How much does it cost?
There are a few variables when it comes to confirming the cost of premiums, such as post-code-related risk, the number of claims in the area, the amount of contents/valuables in the home, and your personal claims history. On average, though, our tenants pay between £12-15 per month.
When do I get tenant insurance?
You should have a policy set up and ready to start one the day you collect your keys if you’re moving into a rental or employer-provided accommodation.
Where can I get tenant insurance?
There are a few routes you could go down, and of course, there are more than a few well-known comparison sites out there, though we would always recommend an advised service through a broker (such as ourselves).
When you use a comparison site to arrange your insurance, it's easy to skip critical questions/checks that can leave you with gaps in cover.
Tenants tend to fall into one of two categories: cheap insurance with poor coverage that may not sufficiently cover replacement belongings, or expensive insurance with far more coverage than necessary because it's too much hassle to find a better deal.
When you use our advised service, it is our job to do all of the leg work for you. We ask the right questions, find out the right information, and curate a range of options across a panel of high-quality providers to ensure you get the best possible coverage for your needs. No more, no less.
Why should I use Ultralets?
- £0 admin fees: As already discussed, we do not charge an admin fee for arranging your policy.
- We are a broker: We have access to a range of insurers so that we can find you the right policy at a price you’re happy with.
- We give advice: The basis of our service is to ensure you have a policy that meets your needs.
How quickly can you sort this out for me?
We can have an illustration with you for checking within 24 hours and in some cases, cover can be in place that day.
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