Contents insurance for a rental property
With contents insurance, your belongings are well insured in case of damage from fire, lightning, leakage or a burglary. Home contents insurance for a rental home is not mandatory, but it is smart. And have you made improvements to your rental property, such as a new kitchen or solar panels? This you insure along with the tenants' interest.
Compare household insurance policiesContents insurance is not required for a rental property
As a tenant, you are responsible for your own belongings. So if there' s a fire, lightning strikes or a burglary, you have to replace it yourself. Without insurance, you will be responsible for all costs. In addition, situations can arise where you are liable for damage to your neighbors. For example, if your washing machine leaks. Even then good insurance offers protection.
If you buy a house, you need both buildings insurance and contents insurance. But if you rent a house, you don't need buildings insurance. The landlord takes care of that. A misconception is that the landlord co-insures your belongings. It doesn't. The landlord may have buildings insurance for the property, but your furniture and belongings are not covered by it.
So contents insurance is wise, but not mandatory.
What is contents insurance?
Contents insurance covers damage to your belongings in your home. Contents insurance coverage includes all movable items in your rental home. Movable items are items in the house that can be moved around. Think furniture, electronics, clothing and jewelry. Anything you would take with you when you move is covered under contents.
It is not the walls, floors or pipes. That falls under the building insurance. Floating parquet is also part of the contents, but glued parquet is not. Like a kitchen, for example, it cannot be moved without damaging the house.
Tenant interest in rental property insurance
With a rental property, you can make your own improvements. Think of solar panels, a new kitchen or an adapted bathroom. These modifications are your property, because you paid for them yourself or took them over from the previous tenants. But because they are attached to the house, they are left behind when you move. These modifications are called tenant's property.
In a rental property, this tenant's interest is not covered by buildings insurance. Therefore, you can include it in your contents insurance.
Tenant interest often co-insured by default
In most contents insurance policies, tenant's interest is covered under the standard coverage. Often there is a maximum amount with the tenant's interest. For example, 10% of the value of the contents. When taking out insurance, make sure this amount is sufficient for your contents.
The difference between contents insurance and home insurance
- All items in the home that are not nail-bound and therefore moveable without damage are covered by contents insurance.
- All items in the house that are nail-bound and therefore cannot be moved without damage are covered by buildings insurance. You usually don't need this insurance in a rental property.
Additional coverage options for contents insurance
Expand your contents insurance with various additional coverage options. With these you protect your possessions extra well. For example, choose from:
- Valuables insurance. For extra valuable items. Such as jewelry, artwork and antiques.
- Outdoor coverage. This insures items such as jewelry, laptops, smartphones or cameras against damage, loss or theft even outside the home.
- Protection of wearable electronics. For devices such as smartwatches that are often not fully covered by standard regulation.
- Coverage for temporary storage. Useful if you are storing things temporarily. For example, when moving house.
Glass insurance rental property
Glass is an integral part of the home. Therefore, glass is usually covered under the landlord' s buildings insurance policy. Your rental contract will probably state what is and is not insured in the rental property. Then determine whether separate glass insurance is necessary with your contents insurance.
In fact, as a tenant, you can be held responsible for glass damage due to your own fault. For example, if you break a window by accident. In that case you have to pay the costs yourself, unless you have taken out extra glass insurance. You can often add this to your contents insurance.
Renting furnished and insurance
Are you renting a house with furniture and appliances? Then look carefully in the rental contract to see what belongs to you and what belongs to the landlord. Anything you bring or buy yourself must be insured. The landlord is responsible for his own furniture, unless you have agreed in the contract that you are liable for it.
If in doubt, it is best to discuss this with your landlord and agree together on who is insured for what.
Compare household insurance policies
Not every household insurance policy covers the same thing. When comparing, pay attention to coverage, deductibles and additional options such as outdoor coverage or glass insurance. That way you can avoid surprises in the event of damage.
Frequently asked questions about contents insurance rental property
Is contents insurance mandatory with a rental property?
No, it is not required by law. But as a renter, you are responsible for your belongings, and in the event of damage, without insurance, you'll end up footing the bill yourself.
What is the difference between buildings and contents insurance when renting?
Buildings insurance is for the building itself and usually for the landlord's account. Contents insurance is for everything you own in your home, such as furniture, clothing and electronics.
Should I also have liability insurance as a renter?
Not required, but highly recommended. As a tenant, you are liable for damage you cause to others. For example, if your actions cause neighbors to experience flooding.
Are my contents insured if I live in a furnished home?
Only your own belongings are insured through your contents insurance. The landlord's furniture is not unless you are explicitly insured for it.
What happens if stuff is damaged by fire or burglary?
If you are insured, you will be reimbursed for the damage up to the insured amount. Do pay attention to conditions such as deductibles, maximum reimbursements and any exceptions.
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