Shared house contents insurance
Insuring your belongings when you're a flatmate
HomeProtect home insurance for shared accommodation is designed for housemates, flatmates and renters living in for shared rental properties including flats and houses, student properties and rooms let to lodgers.
Although some insurers will let you take out one policy for the entire property and share the cost between all housemates, this is not always practical. Not all tenants are reliable and personal circumstances can change mid-way through the tenancy. By taking out your own policy you can each insure your own valuables and keep your claims history separate.
What’s more, if you are going to university or college, contents insurance for students is often included under your parents’ home insurance, so you don’t need another policy. With HomeProtect contents insurance policies, students get up to £6,000 worth of contents cover while living in student accommodation.
According to the Office for National Statistics, average house prices have grown by 7% per year since 1980. Demand for housing continues to grow today, as do house prices. First time buyers are struggling to get on the property ladder and ownership among younger age groups has declined overall. It’s no wonder that more and more people are living in house shares.
Responsibilities in a shared house
‘Safety in numbers’ might be how the old saying goes but unfortunately that doesn’t ring true for house shares. When it comes to shared house insurance tenants should take responsibility for their own belongings. Theft, for example, is a key concern in a shared property due to the number of visitors coming and going from the house. It’s important that your room is self-contained with its own lock to reduce this risk.
Your landlord has a responsibility to have buildings insurance in place too. Whereas contents insurance is a ‘nice-to-have’, buildings insurance is an absolute must have.
Shared occupancy insurance
- Personal possessions listed in your policy schedule can be covered against theft or damage anywhere in the world.
- Electronic gadgets worth over £350 must be individually specified.
- Up to £25,000 legal expenses cover to pay for legal support for property disputes and goods/services contract disputes.
- Up to £200 home emergency cover per callout to temporarily fix burst pipes, roof damage and failure of water, gas and electricity supply.