When it comes to finding a new house share or lodging opportunity, one of the key factors that you will undoubtedly have in mind is the cost of your rent. While that is understandable – after all, no one wants to be paying over the odds for a tiny room – there are other financial considerations to bear in mind too.
As we have already covered on our website, when you rent out a room, you may be responsible for paying a range of bills. Furthermore, there is also the small matter of insurance.
If you’re a lodger moving into an existing property, it may be easy to fall into the trap of thinking that the question of insurance is your landlord’s responsibility. However, that is often not the case. In this article, we are going to provide a few points on how you can access the best lodger insurance to meet your needs.
Do I need home insurance?
Before answering this, it may be worth defining what we mean by home insurance. The term is a phrase that can be used in relation to buildings insurance or cover for contents, while in some cases it may simply refer to packages featuring both.
As a lodger, you should not need to worry about buildings insurance, as the landlord should have all of that in place. However, one matter that you should consider is contents insurance.
How do I ensure my belongings are protected?
For the uninitiated, we should explain that contents insurance is designed to cover personal possessions in a property in the event of incidents like theft or damage. It is also worth noting that accidental damage cover is usually considered an optional extra, so if you want this covered then ensure that you select it and prepare to pay any additional costs.
Many homeowners may have a loose definition of what accidental damage is, so it’s definitely worth brushing up on what is actually considered “accidental” before committing to a policy. The cost of such a policy, as well as how much it would payout in the event of a claim, is calculated based on how much cover you take out, the value of contents, your claims history, and the frequency of your payments, as well as the cost of your excess.
While a landlord may have such a scheme in place for their own items, chances are that their insurance will not cover your personal items.
With this in mind, lodgers should take out policies to specifically insure the contents of their rooms, and we encourage you to shop around to find the best lodger insurance products out there today.
Is there anything else I should consider?
While it is unlikely that a landlord’s insurance policy would cover your belongings, it is well worth having an open conversation about it to find out whether or not that is the case.
Here at Badi, we think there are major benefits to having a good relationship with your landlord, which is why we offer services like a secure chat function to get things off to a good start. Talking about insurance openly is a great idea and may also mean they can check the terms and conditions of their cover and determine what you may need.
Get the best lodger insurance for you
Renting a room may be an exciting step to take, but there are undoubtedly some key points to bear in mind when doing it. Rent might be the absolute priority, but issues like insurance simply should not be ignored. Getting the best lodger insurance for your needs will provide important peace of mind as you look to settle into your new surroundings.