As a tenant, you will be held responsible for damage caused to the accommodation during the rental period. Taking out home insurance is therefore necessary to cover you in the event of a disaster. This is also a legal obligation when you want to rent a house or apartment, without which you will not be able to sign a contract. With the rent that must be paid periodically, this coverage often does not fit into tenants’ budgets. This is why we give you valuable advice on how to pay less for your tenant’s home insurance.
What is the budget for tenant home insurance?
THE cost of your tenant’s home insurance depends on several factors, including the size of the house or apartment, its location, the risk of losses and your insured profile. The fact that the accommodation is furnished or not may also be taken into account in calculating the amount of your contribution.
In France, the average price of tenant’s home insurance East around 200 euros per year. This annual cost may further increase or decrease depending on the level of coverage you need. For your information, there are two types of tenant’s home insurance, including:
- rental risk insurance: with a minimum level of guarantee for a tenant (rental civil liability, fire, water and frost damage, explosion, etc.),
- multi-risk rental insurance: offering additional guarantees (theft, broken glass, electrical damage, coverage of personal property, etc.) in addition to those which are obligatory.
In case of lack of insurance, the lessor has the right to terminate your rental contract. If a disaster were to occur, you will also have to pay the victims’ compensation yourself.
Our advice for paying less for your insurance
Even if tenant’s home insurance is relatively expensive, it is still possible to lower the amount of your contributions by applying the right tips. To pay less for your coverage, first think about bring in competition by comparing the different offers on the market. To do this, you can use an online comparison tool or ask advisors to guide you towards the most affordable options.
Some guarantees (such as those against theft or vandalism) are optional, especially when you live in a secure neighborhood. So opt for insurance offers with the minimum necessary coverage when you don’t have valuables to protect. Even if you have them, but you may be able to bear the amounts of possible damages that may affect them.
You can always choose the rental multi-risk option if you can customize it to include only the guarantees that concern you. In this case, do not forget to take inventory of your belongings in order to declare a fair and not excessive amount to the insurer.
Finally, see if you can get discounts for your tenant’s home insurance. Some companies offer discounts for loyal policyholders, those with a very low claims ratio or those who are already their customers for other policies such as car insurance.
