Tuesday, 16 June 2009

Tenants and Renters - Have you got your property insured?

Hi - You might not know this, but your personal property is not covered by your landlord's insurance. So what happens if your lap top gets stolen or your ipod? You have to save up for another or increase your borrowing on those very expensive credit cards.

You might think that insurance is expensive and not worth bothering about. Well it may seem like money down the drain until suddenly something happens and you wished you had taken the advice your letting agent had given you.

It is now normally a requirement of a rental agreement to have your belongings insured. You no accidents often happen, quite often when friends call round. There you are sitting down watching a DVD eating and drinking and one of your friends has left a glass of wine by the sofa. Normal sort of thing to do, however it is not a bare wood floor, but has a nice beige coloured carpet. Someone gets up and the next minute there is a red wine stain on that carpet.

You are moving out in six weeks time, so you can't just leave it as you will be liable for cleaning or a replacement as your Landlord had a very thorough professional independent inventory carried out when you moved in and a similar check out will be carried out!

Accidents happen to the best of us, be it wine or coffe spilling or using the carpet as an ironing board. You can of course get insurance cover for this type of accident and it does not cost a lot.

Talking of insurance costs, the market leader HomeLet is introducing a new tenants insurance policy on Friday 19th June 09. The reason behind this is that have done a lot of research into the market place - your market and they have come up with several conclusions.

1) Firstly, it’s becoming more and more common that tenants share the cost of renting by sharing their home with a friend or colleague. HomeLet will now allow up to three people to share the same policy, as long as they’re employed and not a full-time student.

2) HomeLet also looked at the minimum cover they offered, and they decided to double this at no extra cost! This is because they believe tenants often under-estimate the value of their personal items and we were concerned that they could be under-insured.

3) They also looked at the postcode areas they use to determine the prices. They found that some of the areas we had as being high-risk have been improved and actually should be in lower risk bandings.

4) And finally they looked at their prices in those areas which are still in the higher bandings. They realised they were a little uncompetitive, and that many tenants decided not to buy, so HomeLet has updated these too.

That is all rather good news and jml-property-insurance.co.uk have been HomeLet Premier Agents since 2002. To find out more just go to the jml-property-insurance.co.uk website and follow the links to HomeLet.

From now on, make sure you are properly covered after all, insurance is one essential you can't afford to be without today.

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