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Even if the house is rented, insurance is required

Dublin: Those who work in this field remind that it is necessary to ensure insurance cover, even if it is for rent. The massive fire that erupted in the Falcon View apartment block in Blanchardstown in May has prompted a discussion about tenant insurance. Although there were no casualties in the fire, the tenants suffered a lot.

The management company’s or the landlord’s insurance will cover structural damage to the building and property. Tenant losses to appliances and the like, on the other hand, are not covered because none of this is covered by group insurance, which is why brokers require hundreds of thousands of tenants living in apartments across Ireland to ensure adequate insurance cover.

3,30,632 tenants in Ireland.

In Ireland, it is estimated that 3,30,632 people live in rented housing. According to CSO figures, 1,53,192 people live in local authority houses, and one-third of them live in apartments. They do not have any insurance. In the event of damage due to fire, etc., no one will cover it. There will also be times when you will lose money out of your own pocket. Better insurance is needed to avoid that.

Everything of value should be insured.

Renters should include valuable items such as laptops, phones, televisions, bicycles, jewellery, and even digital items in their insurance portfolio. Insurance coverage ranges from 10,000 to 100,000 euros. They emphasise that the annual premium will not be more than 100 Euros.

After determining the worth of each item in the home, insurance should be purchased. Their prices can be compared online. It is also important to keep bills and other documentation for insuring gold and other ornaments.

Care should also be taken to minimise theft and damage.

Vacant homes are vulnerable to theft and other risks. Claims can also be made for damage caused by water ingress, power outages, or bad weather. They also remind us to take precautions to avoid theft and other crimes when leaving the house for holiday celebrations.

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