Renters Insurance Explained
by Melanie May | 2 min read January 28th, 2021
Finding somewhere to rent can be stressful - we know, we’ve been there. Your to-do list seems never-ending and there’s so much to organise. But fear not, we are here to help you with everything you need to know about renters insurance.
Once you’ve finally found the perfect place to rent you should consider taking out renters insurance. This will allow you to settle into your new pad with the peace of mind that your precious possessions are protected. You can even add out of home protection as an optional extra.
Are My Possessions Covered by My Landlord’s Insurance?
No, your possessions are not covered by your landlord’s insurance.
For example, if there is a fire and your laptop and clothes get destroyed, your landlord's policy does not cover your possessions. The same is true if your phone or camera etc. is stolen from your rented accommodation. It is up to you to have the proper insurance in place to ensure that your belongings are covered.
Remember, just because you don’t own the place, doesn’t mean you don’t need extra protection for your belongings.
What is Renters Insurance?
Ok, let’s break it down. Renters insurance is a type of insurance for the contents in your rented accommodation.
It covers your contents from fire, storm, flood and smoke damage. It also covers for damage caused by faulty heaters and cooking equipment.
Renters insurance also covers your TV and audio equipment from accidental damage up to €1,300. Perfect for us clumsy folk.
If your possessions are damaged, destroyed or stolen by a burglar or vandalised or maliciously damaged, they will be replaced. The cost of replacing stolen external door keys will also be taken care of.
On top of that, renters insurance also covers liability if a visitor injures themselves in your home.
There’s great news if you work from home, too. Allianz renters insurance provides cover for up to €4,000 for your home office equipment, for those of us who are working from home during Covid 19. This includes computer(s), printer(s), scanner(s), and the likes.
Such insurance gives you peace of mind and one less thing to worry about!
How Expensive is Renters Insurance?
So, you are probably thinking that renters insurance sounds great, but it must be expensive. Well, it’s really not, and we aren’t just saying that. Allianz Renters Insurance starts from €10 a month. That’s the price of two fancy coffees. OK, the coffees are way more delicious than insurance but the insurance is a much better return on your investment.
For a little bit more money, you can increase your cover to include accidental damage to all your possessions, not just TV and audio equipment and you can get cover for certain items that you take outside your rented accommodation.
Are My Belongings Covered Outside My Home?
Unspecified All Risk - You can opt to cover up your day to day personal possessions outside of your home, for an additional premium. For those everyday possessions –such as bicycles, sports equipment, jewellery, mobile phone - each item is insured for up to €2,000, with no excess.
Say, for example, your sports bag with your gym clothes, that lovely tennis racket and your smartwatch are stolen from the gym, you will be covered if you choose this optional extra with your renter's insurance. Handy, right?
Specified All Risk - You can also add up to six individual items onto your policy, which are over the €2,000 limit. For example that expensive luxury watch you got for Christmas or your precious Diamond Engagement ring.*
*The maximum value for each specified item is €10,000 and the total value of all your specified items cannot be more than €20,000. For more information read our Household Policy Document.
Renters insurance will also cover your shopping up to €400 if the item you buy is damaged between the shop and your home. This is prefect for that fragile Christmas shopping when you are battling through the crowds.
Emergency Home Assistance
If you have a sudden situation like a water leak or if you’re locked out of your house, we are here to help 27/7, 365 days a year. Forgot your keys? Don’t fret! Allianz will get a locksmith to your home getting you back in safely. Costs of the call out, labour and materials are covered (up to €300 per incident, four times per year).
You can find more information on Emergency Home Assistance here.
Finding The Right Renters Insurance Policy
Not all policies are created equal. To make sure you end up with the best renters insurance cover for your needs look closely at what is covered and more importantly, what is not covered. To find out what is and is not covered in Allianz Renters Insurance, have a read of our policy document - it’s not as dull as it sounds, honest.
Get A Quote
We know you don’t want to spend time talking to insurance people - don’t worry, we aren’t offended - so we’ve made it quick and easy for you to get an online quote for Allianz Renters Insurance. Just fill in this form and we will give you an accurate quote in minutes. You’ll also save 20% if you take your cover out online.
Do You Need Renters Insurance?
As you can see, there are tons of hidden benefits when it comes to renters insurance. With Allianz Renters Insurance you’ll get peace of mind knowing that the cost of repairing or replacing your possessions is taken care of if the worst should happen. Replacing large appliances, tech equipment, jewellery, furniture etc. can be expensive but our renter's insurance costs about the same amount as two coffees a month. Go on, you and your lovely things are worth it.
Allianz p.l.c. is regulated by the Central Bank of Ireland. Standard acceptance criteria and policy conditions apply.