Many house insurance policies are designed to cover owner occupied residences. However, the cost of buying your first home can often mean young professionals are priced out of the market. Today, many young professionals live in rented or shared accommodation and will have virtually all their possessions with them in their rented residence.
If you are one such young professional it is important to recognise the difference between a landlord's insurance policy which will cover the building, fixtures and fittings and your own insurance policy which will cover your possessions. If you rent your accommodation it is vital that you take the right measures to protect your possessions in the event of a theft or fire.
As a result of young professionals changing requirements, some insurers now provide a specific rented accommodation insurance policy. It is by far the best way of protecting your possessions because the cover it offers is restricted to those owned by you. You do not need to concern yourself with the building or major fittings as they are all insured under the landlord's own insurance policy.
A good rented accommodation insurance policy will cover items such as your contents, money, credit cards and personal injury.
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