I rent: why would I need home insurance?

If you are a renter, you might think home insurance is not for you. You don’t own the home so why do you need the cover.

I’m Dulja, and I now help create new products at Co-op Insurance. It might sound odd coming from someone working in insurance, but I used to have doubts about getting insurance for my home. When I first started renting, I thought:

• I trust myself not to break or lose things
• it’s not my house, so why worry
• It feels like a waste of money

Then I came across renters insurance. It’s like home insurance, but more suited for people who rent. The more I learned about renters insurance, the more I realised I was exactly the kind of person this insurance is for.

Find out more about the differences between renters insurance and content insurance.

How can renters insurance help?

Sometimes things go wrong at home when you least expect it. That’s when the right insurance can really help.

Let’s say you’re having friends over and someone spills red wine on the landlord’s carpet, or you damage the kitchen cupboards by mistake. Tenants’ liability usually covers this kind of damage.

It can also help if you accidentally damage your own things. Like dropping your laptop or smashing your phone. That’s where accidental damage cover steps in.

Leaks can be hard to spot. But if water damages your things, your insurance can help cover the cost.

If someone visiting your home gets hurt or their things are damaged, public and occupiers liability cover can help. This protection often applies whether it happens at your home or somewhere else.

If there’s a fire or flood and you can’t stay at home, your policy may cover the cost of somewhere else to live for a while.

Even when you're moving house, your things are still covered. That includes short stays in storage, in case of damage or theft.

Why I changed my mind about renters insurance

I once lived with someone I’ll politely call interesting. It was a stressful and unpredictable time, and I often worried about my things. The great thing about renters insurance is you can just cover your own room, so you only pay for what you use. As long as you’ve got a lock on your door, you’re covered if anything gets stolen. Back then, that kind of protection would’ve made a big difference. It would have helped me feel more in control and a lot less stressed.

Let’s go back to the doubts I had:

1. ‘I trust myself not to break or lose things’ - I trust myself, sure. But I can’t control leaks, accidents, or the people I live with. I thought bad housemate stories were just that, stories. Turns out, they happen.
2. ‘It’s not my house, so why worry’ - That’s true. But if something gets damaged in my room, it’s still my deposit at risk. Renters insurance could’ve saved me a lot of stress – and cash.
3. ‘It felt like a waste of money’ - I used to think that, too. But it costs less than a drink out. For that, I could’ve had peace of mind knowing my stuff was protected.

Final thoughts

Renters Insurance isn’t just about protecting your stuff; it’s about protecting your peace of mind. Sometimes, it takes experiencing a few ‘interesting’ situations to realise how valuable that can be.

Find out about Co-op's Renters Insurance.