Have you
recently moved out of your family home and are renting for the first
time? Are you sufficiently covered? If you are renting you may be
unaware that you still need contents insurance. Your landlord will most
probably have buildings insurance, which only covers damage to the
building itself. Buildings insurance will not cover your own personal
possessions. It is your responsibility to ensure you are covered for
your own items.
According to research carried out by Direct Line in 2004, one in three 25-34 year-olds rented their homes, and of those, 39% chose not to insure their contents. In the current economic climate, this figure could only have increased. It can be all too easy to save money by cutting back on precautionary services such as insurance, but the consequences (and the expenses) could be massive. With the recession looming crime rates are rising, meaning the risk of burglary increases. For a lot of first time renters (and buyers), they are forced to live in less than affluent areas, making them even more of a target for crime. It is essential for you to be insured.
Insurance is something you may think you cannot afford, but in reality, you cannot afford to be without it. If money is tight, there are things you can do to make it more affordable. Consider talking to your landlord and getting them to fit a burglar alarm, try and fit window locks, and maybe consider joining the local neighborhood watch scheme. All of these measures can help lower the cost of your contents insurance- the more a company can see you care about your possessions, the safer a risk they think you will be. You could also consider looking for companies that specialize in renters insurance, as they often offer cheaper deals.
Another good way to look for insurance is online. Most of the big companies have websites that are easy to use and also offer considerable discounts. A good place to start looking for deals on your home insurance is Co-operative Insurance. They also have some good benefits with their contents insurance policy, including free legal expenses insurance up to £50,000.
According to research carried out by Direct Line in 2004, one in three 25-34 year-olds rented their homes, and of those, 39% chose not to insure their contents. In the current economic climate, this figure could only have increased. It can be all too easy to save money by cutting back on precautionary services such as insurance, but the consequences (and the expenses) could be massive. With the recession looming crime rates are rising, meaning the risk of burglary increases. For a lot of first time renters (and buyers), they are forced to live in less than affluent areas, making them even more of a target for crime. It is essential for you to be insured.
Insurance is something you may think you cannot afford, but in reality, you cannot afford to be without it. If money is tight, there are things you can do to make it more affordable. Consider talking to your landlord and getting them to fit a burglar alarm, try and fit window locks, and maybe consider joining the local neighborhood watch scheme. All of these measures can help lower the cost of your contents insurance- the more a company can see you care about your possessions, the safer a risk they think you will be. You could also consider looking for companies that specialize in renters insurance, as they often offer cheaper deals.
Another good way to look for insurance is online. Most of the big companies have websites that are easy to use and also offer considerable discounts. A good place to start looking for deals on your home insurance is Co-operative Insurance. They also have some good benefits with their contents insurance policy, including free legal expenses insurance up to £50,000.
