During this credit crunch, there is all the more reason to take out tenant insurance than ever before.
The Home Office have disclosed the results of a recent report to show a steady increase in burglaries. According to the article “Insure against recession related crime” this growth appears to be directly related to the steady decline of our ever-deepening recession.
Domestic burglary throughout July, August and September in 2008 was reported to be 4% higher than the same months of the previous year. These startling results reveal, not surprisingly, there is a link between the recession and the increase of burglar activity.
With this increase in criminal activity, in particular burglaries, it is of the utmost importance that us tenants think about taking out insurance to protect our possessions. HomeLet, the major player in tenant insurance urges us to ensure our valuables and belongings alike are suitably covered.
John Boyle Managing Director of HomeLet said that he wasn’t surprised of the effects of a worsening recession and how it leads to more widespread unemployment and more burglaries.
While basic home contents insurance will cover your belongs to a certain extent, it would be advisable to consider more specialist insurance. In the event that an accident should happen, the tenant is protected should any damage to the landlord’s property occur. Being a tenant can lead to sleepless nights regarding any damage to the landlord’s property. Whether you spoil the curtains or stain the carpet, you are responsible at the end of the day! Any expenses incurred due to damage to the fixtures, contents, buildings and fittings, can be lawfully obtained by the landlord from your deposit. In the worse case scenario, you can be held responsible for the costs caused by flooding, fire and or burglary. Specialist tenant insurance is great in that it covers you against theft and the potential perils of day-to-day living.
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