No matter how much you try to prevent them, accidents will happen and burglary or other unforeseen problems pose a constant risk. But as a tenant are you clear on what items you should be insuring in the event of such a scenario or what your landlord’s policy will cover? NDML explain the basics.
There are three types of item to consider:
A chattel – almost any object which has its own identify can be categorised as a chattel. It is something you might pick up, sell or deliver to someone else – it exists in its own right. These items might typically be covered under the contents section of a tenant’s insurance policy.
A fixture – this is a chattel which has become part of the land, or more simply part of the premises, but which may be removed in certain circumstances. This item might be considered under either the buildings section of the policy or possibly fixtures and fittings depending on who has applied the fixture and whether there has been a change in tenant in the interim.
An improvement – is a chattel which has become a permanent and irremovable addition to the premises. This would typically fall for consideration under the tenant’s improvements aspect of the policy but again may depend on whether there has been a change in tenant since the improvement was made.
It is useful to make a list or asset register to identify all the items you require insurance for. This will help you to not only identify the correct sums insured but also to identify who would be responsible in the event of its loss or damage. An asset register should include a list of items, date of purchase, price, replacement price, serial numbers and if possible, a photograph of the item.
For further information or to arrange a confidential face to face review – simply complete the contact form or call 0844 488 9205.