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Insurance as a Tennant
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Posted On :
Jun-11-2009
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Article Word Count :
482
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The house price bubble has resoundingly popped, in fact you would have to have been living under a rock for the last year or so to not realise that house prices are finally falling.
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The house price bubble has resoundingly popped, in fact you would have to have been living under a rock for the last year or so to not realise that house prices are finally falling. Unfortunately, this is happening in line with the biggest economic crisis of the last fifty years and that means that banks and lenders are expecting higher deposits from people wishing to buy homes. Meeting these higher demands is impossible for many people and buying a home is not an option.
Many people, therefore, are turning to renting as the only way of getting their own home. Whilst renting has often been considered (in the UK) as the poor relation to buying, many housing experts and indeed several famous property developers choose to live in rented accommodation.
Renting accommodation is not particularly difficult, but when it comes to getting the right home insurance things can become a little more tricky. Most landlords won’t offer a comprehensive home insurance policy though they should cover any damage to the building, and that means you need to get your own policy.
One of the problems can be that unlike when you own your own home you are not solely responsible for the security of the house. If you are sharing your accommodation with other people, them leaving a window open or the door unlocked can result in your suffering a theft. Getting a specific tenant’s insurance is a way around this as it insures only your possessions in your room.
Unlike home insurance policies where you pay for both buildings and contents insurance the landlord should cover the fixtures and fittings meaning that you only need to insure the possessions that you own.
You can further reduce the cost of your insurance policy by getting the particularly expensive items insured on their own separate policy. Having something valuable on a general policy can raise the price because it raises the value of the whole policy, also because it may draw the attention of thieves to your other belongings and because if it is stolen and you have to claim, it will have a knock-on effect on the premium costs on all your possessions, not just that sole item.
If you are going on holiday you should bear in mind that tenant’s insurance is slightly different to standard contents insurance. If you are taking things like your laptop with you, you may be able to get cover within the EU for a certain period of time on your policy. Make sure that you check before you go, there’s no point doubling up on travel insurance, and you don’t want to be uninsured.
Insurance doesn’t have to be expensive if you shop around for a good deal and know what you’re looking for. Take a look at Co-Operative Finance for a good deal at the moment.
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Article Source :
http://www.articleseen.com/Article_Insurance as a Tennant _1082.aspx
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Author Resource :
Get a home insurance quote online at The Co-Operative Insurance.
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Keywords :
home insurance,
Category :
Finance
:
Insurance
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