Confusion reigns over tenant insurance rights

A new survey has suggested that the majority of people who find property to rent in London are misinformed about the need for tenants insurance.

Independent letting specialist Leaders found that despite one third of private renters claiming their possessions are worth over £10,000, almost a million lack adequate contents insurance.

Many are reportedly under the mistaken belief that their landlord's cover offers them full protection - something that Leaders said is rarely the case.

Furthermore, one fifth of respondents estimated that it would take over two years to replace all their possessions were they to lose everything they own, while a third questioned where they could ever afford to do so.

Leaders' managing director Paul Weller commented: "Insurance is something most of us would rather not have to pay out for, but having the right policy in place can save an enormous amount of stress and financial hardship if the worst happens.

"It is even worthwhile for the small mishaps, for example, accidentally causing a burn mark on a carpet - a very common occurrence - could cost a tenant £500 to replace the whole carpet."

Published 5th June, 2008

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