Contents Insurance Per Month
contents insurance per month
Home Contents Insurance For Tenants And How It Affects Landlords
If you are a landlord or rental property owner, why should you bother about home contents insurance for tenants? Find out how it affects you and whether you should encourage your tenants to buy it.
What Exactly is Home Contents Insurance for Tenants?
Whether it’s due to an accident or act of carelessness, your tenants are exposed to a wide range of possible financial losses. As the name suggests, tenant home contents insurance protects them by compensating for these painful mistakes.
The range and amount of insurance coverage depends largely on the insurance plan and how much premiums your tenants are forking out every month.
Basic tenant contents insurance will cover any losses to your tenant’s belongings due to burglary or fire outbreaks. If your tenant’s possessions are damaged or destroyed, the insurance company will usually replace them with new ones.
The basic home contents insurance for tenants will usually cover their legal expenses as well if it is due to their legal liabilities as a renter.
Just like all other insurance policies, your tenants can also go for additional protection if they are willing to pay more. For example your tenants can choose to be covered for accidental damage to the landlord’s belongings and property. That way the insurance company will be the one footing the repair bills for them.
Your tenants may want to go for the optional cover for home emergencies as well if you live far away from them or you are unavailable to help them out with repairs all the time. For example if the electricity supply is suddenly cut off, your tenant will have someone to help them around the clock.
Why You Should Encourage Your Tenants to Buy Contents Insurance
If you are a landlord, you should definitely encourage your tenants to buy home contents insurance for themselves. Why is that so?
As a rental property owner, rent from your tenants is naturally a vital income source for you. That’s why you have to take steps to make sure that your tenant are able to pay their rent on time, every time.
Major accidents such as a fire outbreak can wipe out your tenant’s savings and toss them into financial hardship. This will negatively affect your rental income and home contents insurance for tenants will be your most effective safety net.
A good number of tenant do not even realise that there is such an insurance policy that is catered for them. That’s why you should take the time to highlight the benefits of buying a home contents insurance when you get the chance.
In fact, some landlords go as far as lowering the rent slightly just to encourage their renters to take on home contents insurance.
Furthermore home contents insurance for tenants are usually highly affordable and cost $12 to $30 every month depending on the amount insured and whether your tenant opted for any additional add-ons.
Teo Zhenjie has been showing landlords how to manage their tenants and rental property effectively on Propertydo http://www.propertydo.com/ – To learn more important tips on home contents insurance for tenants, visit his website today for step-by-step real estate guides, free resources and forms.
Can I childmind if I live in a rented house in the UK?
I am considering becoming a childminder, but when I mentioned it to my landlady she flipped and said she would put my rent up by £125 per month.
I have phoned loads of lettings agents and all but one of them has said absolutely major problem having a childminder in the property, but none of them are entirely clear why…
When pressed they say it is to do with insurances, but as a childminder I have liability insurance up to £5m and the standard buildings and contents, so I don’t see what the problem is.
Please help!!!!!!!!!!!!!!
I would love advice!!!!!!!!!!!
P.S. If I do pursue this route I will be registered with the NCMA after completing the Council funded course. It concludes with an Ofsted inspection.
As a Landlord of longstanding, I really do not see a problem with this! And I honestly do not know where they (and mauriceb) are comming from. What possible adverse affect can it have on the Landlady or the property? A normal tenancy agreement wouldnt allow for a £125 pm increase in rent, so thats tripe – ask her where in the agreement it says she can do that! Insurance? You have your own insurance, nothing to do with the Landlady so thats tripe! The Landlady will only have buildings insurance anyway so thats tripe! (ps if you have this you dont need it, thats down to the Landlord so save yourself a few bob a month). Liability – there is no liability on the part of the Landlady at all. Probabally thinking of kids in the house – damage to the property/ carpets etc., but thats covered by your bond, so thats tripe!
There must be thousands of childminders working from home, no one can tell me they are all owner occupiers.
I suggest you ask her what her specific objections are and takle them head on. Or just do it and dont tell her.
Good luck.
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