Why Tenants Insurance is Important For Renting in Ireland

Are you currently living in a house or apartment that you don’t own? If so, it’s important to be aware that while the owner of the property might have Landlord’s insurance, this insurance pol icy does not cover your personal property. If you want to have peace of mind knowing that your own personal belongings are covered while renting a property in Ireland, then keep reading! 

What is tenants' insurance?

Tenants' insurance, also referred to as renters' insurance, is a home contents insurance policy made specifically for people who are renting and it's only for contents. A tenant’s insurance policy is solely designed to protect the contents of your rented home such as furniture, valuables, electronics and general personal belongings. Tenants' insurance is there so that if an incident occurs such as a fire, a break-in or even flood damage and personal items are stolen or damaged, the tenant does not need to worry about paying from their own pocket to replace them. Although you might think it’s not worth insuring the items you own, you would be surprised how much the costs add up when all items need to be replaced at the same time. Whether you’re renting as a student, as a family or as a working professional, we all have personal belongings that are valuable to us. 

What does tenants’ insurance cover?

Tenants’ insurance protects you against a wide range of different risks that might affect your rental property in the future. Some of these risks include:  

• Flood damage 
• Malicious acts or vandalism 
• Water leakage such as burst pipes 
• Theft 

How much does tenant's insurance cost?

The simple answer to this is that it depends on the value of the items the tenant decides to insure. It’s a good idea to make a list of items in your rental property that you would like to insure, for example personal belongings (i.e. jewellery), furniture (i.e. a cabinet), electrical items (i.e. a laptop), and household white goods (i.e. a fridge). We also recommend finding an estimate figure of what each of these items would cost to replace. At Insuremyhouse.ie, our insurance experts can give you a tenants insurance quote today.  

Fully furnished rental properties

If you are renting an apartment or house that was fully furnished when you moved in, you are not responsible for insuring items that do not belong to you. Tenants' insurance is solely related to the personal items of the tenant. It’s possible that your landlord may have landlords' insurance that cover the items provided with the property. Although you won’t need to insure the furnishings belonging to your landlord, it still may be of interest to you to insure personal items like a laptop or jewellery.  

Is it a legal requirement to have tenants' insurance?

Although as a tenant in Ireland you are not legally required to have tenants' insurance, at Insuremyhouse.ie we highly recommend protecting yourself against any unwanted risk. According to 2020 statistics, a burglary takes place in Ireland every 48 minutes. Therefore, it is a good idea for tenants to protect themselves from the costs associated with the risk of theft.  

Does each tenant need renter’s insurance?

In general, a tenants insurance policy only covers the cost of replacing the policy holder’s belongings that they have included in the policy. Some tenants assume that they are automatically covered by a housemate’s tenants insurance policy, however this is not the case.  

Tenant’s insurance is a good option for those who want to put their mind at ease when renting in Ireland. Speak to the insurance experts at Insuremyhouse.ie to find out mor e about tenants' insurance, they can provide you with a quick quote today!