So if you are renting a property who is responsible for insurance?
Well it is actually landlords and tenants who both need insurance.
Landlords should insure their rental property against any damage, either accidental or otherwise. Tenants can arrange their own insurance to protect their contents and liability for damage to the landlord’s property. Landlords need insurance to cover damage.
If you’re a landlord, make sure your insurance covers the property, and that the cover is for a rental property. The Residential Tenancies Act 1986 requires you to pay the premiums charged for that insurance.
Check exactly what your policy covers. Some insurers cover issues to do with tenancy (for example, vacancy periods and damage by the tenant).
Talk to your insurance company about their requirements for making claims. Some insurers need landlords to prove they’ve completed a thorough tenancy selection process before honouring damage claims.
You may also choose to insure any chattels (such as furniture) that are listed in the tenancy agreement. Any damage to them won’t be covered by the tenant’s contents insurance.
Tenants need insurance to cover belongings and damage. Your landlord’s insurance policy doesn’t protect your belongings.
You’re also liable for any damage you or your invited guests cause, intentionally or carelessly. Even if you aren’t named on the tenancy agreement, you should have a:
Contents insurance policy to protect your belongings
Personal liability policy to protect you from any careless damage you or your guests may cause to the property
If an insurance company pays out a landlord for damage and believes you’re liable for that damage, the company may seek compensation from you. Personal liability insurance may protect you in this situation
