Insurance: are you covered?
Mary-Anne Bowring 14/08/2019
2790
Are You Really Covered? Understanding Rental Insurance
Your landlord should be insured for structural damage, but what about the contents of your flat? Many renters assume they are covered, but this is often not the case.
The Necessity of Insurance: A Tough but Important Choice
Insurance, like taxes or dental braces, may seem like an unnecessary burden, but it’s essential. With new research from Aviva, we explore the risks renters face by remaining uninsured.
Poll Results: How Many Renters Are Uninsured?
Aviva’s survey of over 2,000 people, including renters and homeowners, found that a significant number of tenants lack protection such as life insurance, critical illness cover, or income protection. Shockingly, almost six million renting households could be without any form of insurance.
Why Do Renters Skip Insurance?
Unlike homeowners who often bundle insurance with mortgage requirements, tenants face higher housing costs. With renters spending an average of 35% of their income on rent (rising to 40% in private rentals), many view insurance as an unnecessary expense.
Are Flat Residents Protected? The Hidden Risks
Living in a flat with security or concierge staff might give a false sense of safety. However, fires, floods, and leaks from neighboring flats can cause costly damage. Your landlord’s insurance won’t cover your personal possessions.
Is It Worth the Risk? Why You Should Get Covered
Contents insurance is affordable and easy to purchase online. While you may never need it, the consequences of being uninsured can be devastating. Take a moment to reconsider—could you afford to replace everything you own if disaster struck?
Planetrent Properties
info@planetrent.co.uk
0208 0599 550 (for sales)
Under Offer: This term applies to a property where the landlord is considering an offer but remains on the market. It implies that further offers may still be considered until the landlord formally accepts or declines the current offer.
Let Agreed: This term indicates that a landlord has provisionally agreed to enter into a rental agreement with a prospective tenant, pending additional checks and referencing. It doesn't require the prospective tenant to have paid a holding deposit.
Let: This term signifies an established binding rental agreement between the landlord and tenant.
For both lettings and sales, the guidance addresses additional terms:
New On The Market: This term is used for a property not advertised since its last sale or rental. It should only be used for a brief period.
New Instruction: It applies to a property assigned to an agent for marketing recently, even if it was previously listed with another agent without being sold or rented.
New and Exclusive: This term refers to a property that is either new on the market or a new instruction, exclusively available through a specific agent or portal.
New Method of Sale/Let: This term is used when a property is being marketed for sale or rent using an alternative approach to the original advertisement, such as transitioning to an auction or sealed bid.
Reduced: This term indicates that a property's price has recently been reduced. The reduction should be genuine and comply with the Chartered Trading Standards Institute's guidelines on pricing practices.