Martin Lewis' MSE reveals one thing every renter ‘should consider’

12 June 2024 , 08:06

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The handy tip came from the recent MSE newsletter (Image: ITV)

Martin Lewis' MoneySavingExpert.com (MSE) team has shared one thing people need to "consider" if they are renting their home.

This week's MSE newsletter focused on renting and shared tips on how to challenge a rent rise, how to use your payments to boost your credit score, and what to do if you're struggling to cover your housing costs. The MSE team also noted one thing all renters need to consider, and that is contents insurance.

Contents insurance covers the cost of replacing or repairing your possessions if they are damaged, destroyed or stolen and usually includes things such as your furniture, kitchen appliances, curtains, bedding, clothing, television, and jewellery.

The MSE team explained that you do not need to take out building insurance if you are renting. Buildings insurance covers the cost of repairing damage to the structure of your property. This means your landlord should cover this cost. However, your personal belongings inside the rental property are not covered - and contents insurance would cover it.

If you are not sure what would be covered by contents insurance, Martin Lewis and his MSE team says you should imagine your home being tipped upside down. If something stays put, then this would be covered by building insurance, and if it falls it would be covered by contents insurance.

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The MSE team said: "You don't need buildings insurance, but do consider contents cover. Your landlord is responsible for buildings insurance, but you need to consider insurance for your contents (an easy way to think of it is cover for all the stuff that'd fall if you turned your home upside down)."

The newsletter also highlighted a few tips which will help you find the right cover for you. First, you should collect multiple quotes from well known price comparison sites. Then you should check each quote on what they offer before you buy. MSE added: "For example, if you're in a house-share, the policy may specify you need a lock on the door to your room to be covered."

Alongside this, you should also check deals that are not on price comparison sites and Direct Line. MSE says that these may not offer the cheapest but they often offer "good cover levels" so is worth a look. Finally, you should check cashback websites before buying. This is because you may be able to get the cover you want through one of these sites and be paid to get it.

Ruby Flanagan