According to the Association British Insurers (ABI) Home Insurance Premium Tracker, one in four households across the UK, have no contents insurance protection. The ABI found the region with the most uninsured properties is London, where 45% have no contents cover at all. Their research also shows that renters, especially those in big cities, consider insuring their possessions as expensive or unnecessary. However, while individual items might not be of high value, if all possessions were added up it would equate to a significant sum should it need replacing all at once.

Here are a few things to think about if you’re a renter:

Contents insurance

Even though it’s not a legal necessity, it’s always a good idea to insure anything you bring into the property yourself.

At first glance, you might not think you have a lot that’s worth insuring. However, when you tot up all your clothes, books, CDs, DVDs, LPs, your TV, your crockery and gadgets, it comes to a sum that few people would have to hand if all those possessions needed to be replaced. A fire, a break-in or a flood could potentially spell financial problems. So, with that in mind, it makes a lot of sense to insure your contents.

Add it up

While it’s time-consuming to work out the total value of everything you own, it’s better to be thorough than just guess an amount.

Go through your home, room by room, and add up the value of all your possessions if you had to replace them as new. Include all of your contents, not just the big-ticket items such as the TV and sofa.

Be as accurate as you can – there are many online calculators available to help you get a better view of the value of the things that make your property a home.

Added valuables

The vast majority of contents insurance policies will have a single item limit. This is the maximum value of one single item covered in your policy. If you have an item that exceeds this amount, such as an engagement ring or valuable musical instrument, this will need to be declared separately from the rest of your contents.

Home and away

Obviously not all of your possessions spend all of their time in your home. Some, such as phones, jewellery and laptops, will be frequently taken out and about with you. It is possible to add cover for your possessions against damage or theft when they’re out of the home. This is generally not included in contents insurance policies as standard, but is widely available as an optional add on.

Accidents will happen

While most contents insurance policies cover you against damage that isn’t your fault, such as theft, fire or flood, they may not necessarily include cover against accidental breakage or damage.

You can usually add accidental damage cover to a policy if it isn’t already included. This could be useful if you own expensive or fragile items like glassware.

Tenant improvements cover

If you have made any improvements to the property it would be worth looking to see if your insurance covers you for tenant improvements. In the event of a claim, the landlord’s insurers would only reinstate the building back to its original state, not including any improvements you’ve made to the building to make it work for you. This could therefore leave the improvements made uninsured and your investments in the property at risk.

Why not take a look at Police Mutual Renters’ Insurance?

We offer renters' insurance for those that just need the reassurance of contents cover. Provided by Royal & Sun Alliance Insurance plc, renters’ insurance is available to serving or retired Police Officers and Staff, Specials and their families.

Why not talk to us today?

Call us on 0151 242 7640 for more information.

We’re open from 9am to 5pm Monday to Friday.

PMGI Limited, trading as Police Mutual is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales No. 1073408. Registered office: Alexandra House, Queen Street, Lichfield, Staffordshire WS136QS.

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* Association of British Insurers (ABI)  - Cost of home contents insurance falls to a record low, yet one in four UK households are uninsured, news article February 2019.