Many people who rent accommodation are not aware that their landlords do not have to provide them with Building Insurance. Building Insurance is normally provided by the landlord and covers the risk of the property being damaged or destroyed by external causes. This is generally not the case for those who are renting furnished accommodation and the responsibility for ensuring Building Insurance is passed onto the tenant lies with him. Many tenants are not aware that they are required under the Housing Act 1988 to obtain and retain Building Insurance. The Housing Association should be made aware of your insurance policy but the majority do not. They are not legally bound to do this under the Housing Act. But tenants should make sure their landlord has Buildings Insurance and obtain quotes from insurers to determine whether this is a worthwhile expense.
It is important to ensure your insurance provider gives you the right level of cover. You should request a copy of all insurance policies from each insurance provider and if you can get a copy of all the policies from the same company you are comparing quotes from you can easily determine if that insurance provider provides the best value for money.
If you rent furnished accommodation you do not need any Buildings Insurance. The insurance providers should make a list of all your furnishings in your rented property. Your landlord should also be given a copy of this list and provide a fair valuation of each piece of furniture. Your landlord should also provide a valuation of the amount for which he would provide insurance coverage. However, you should make sure your landlord does have Buildings Insurance and that the quote provided by the landlord is an accurate valuation of the coverage.
If you are a tenant you should ask about Building Insurance. If you have a child or partner who is a student the school authorities should also be made aware that you are a tenant and they should also be given a quote for buildings insurance. If you are in the UK and you cannot obtain Buildings Insurance you should take some steps to reduce the risks of damage. Many people believe that it is better to get cheap building insurance from a company that is based in Europe. The truth is they may just not give you an accurate valuation or quote which is important for determining the correct level of cover.
If you are a tenant and you are considering getting cheap buildings insurance you should be able to get it from a company that is not based in the UK. Your landlord should be made aware you are a tenant. Your landlord should also give you a fair valuation for the level of cover and insurance.
Read Also: Renters Insurance – What You Need to Know
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