What is Renter's Insurance?
Take one look around your home, and it’ll be pretty clear how much you’ve accumulated over time. The belongings you have now, such as your furniture, clothes, electronics, linen and kitchen items, weren’t bought overnight, so if they were all to be destroyed by a fire in your building, it would be expensive and time consuming for you to replace them all at once.
Renter’s Insurance (also known as Contents Insurance) has been designed to help renters protect their belongings, assisting with the cost of replacing them if they’re damaged by certain unfortunate events like theft or fire.
Why do Renters need insurance?
Events such as theft and fire can occur without any warning. If you do experience incidents like these, you’d probably be quite distressed, so the last thing you’d want to have to worry about in that situation is figuring out how you were going to re-build your life up again from scratch. Your landlord might already have their own insurance to repair the property itself, but their insurance won’t cover the cost to repair your belongings. And remember, your contents are more than just ‘things’… they all have memories, purpose and stories attached to them, so having them covered adequately will ease your burden of replacing them if you suffer an event.
To make a claim, you will need to contact your broker and explain what has happened. You will most probably be asked to list the items which have been damaged, how much they’re worth, and provide proof of the damage. If there has been a burglary, you’ll need to provide a police report reference number. You’ll also be asked to provide some form of proof of ownership of the items. The insurer will then determine whether to repair or replace the item(s), or pay you the cost to repair or replace them.
What proof of ownership should I maintain of my items?
Proof of ownership can include (but are not limited to) receipts, packaging/boxes, photos of the items, and bank and credit card statements.
How do I work out how much to insure my contents for?
You’ll need to conduct a thorough inventory of your home and work out roughly how much everything is worth. Remember to calculate the value based on new-for-old replacement. You might find it easiest to do this one room at a time. For some categories like clothes, you may need to make a realistic guess as it would be hard to add up the individual value of each item.
Why choose Aon for Renter's Insurance?
Aon is committed to making life easier for you by arranging insurance that’s easy to understand, buy and manage, so you can get quotes and take out a policy online. Or if you do need help, our team of friendly experienced brokers are a phone call away to help you understand what insurances you may or may not need, but more importantly, why; helping give you confidence that you’re making a better decision for you and your business.