What house insurance to consider when luving with tennants

M

monia

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Hi there,

I am going to rent a room in my house and want to know if I need to change house insurance. I have been told that this is advisible if you have tennants. How is the house insurance calculated? On the current value of the house or only on the value estimated to re-build the house?

Kind Regards
Monia
 
I have normal house insurance which includes cover for 1 tenant. You need different cover if you have more than 1.
House insurance is generally calcualted at the re-build cost of your house, not the actual value of the house.
 
With the other tennants? :D

Smort-orsedness aside — yes, it would be a good idea. If they want their own belongings covered, they should contribute towards the contents part of the premium. Read the small print of any proposed policy carefully to see what's included/excluded, ceilings, excesses, etc. is probably as good a place as any to start looking for quotes — unless you already have motor or other insurance, in which case you may qualify for a reduction from your existing insurance company. And you should insure the house for its rebuild value, not its market value. See [broken link removed] (.pdf) guide from the SCS, and this previous thread.
 
Hi and thanks for the replies.

Do I need to insure for the number of years to cover the mortgage? Correct?
 
No, you're thinking of mortgage protection, which is a type of life insurance policy to cover your outstanding mortgage if something happens to you. Home insurance can (and should) be renewed each year, shopping around for the best deal on offer.

[Post crossed with Dreamerb's]
 
Re: What house insurance to consider when living with tenants

Hi again,

the Bank has given me 195,000 euro as evaluation for rebuilding costs. Now if I use the SCS guide as an indication on rebuilding costs I get a figure of 215,000 euro.

What should I consider to apply for a home insurance? The bank evaluation or what is indicated in the SCS guide?

Do you also know what are the different policies available when living with tenants?

Kind Regards
Monia
 
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