[quote SW1amp]@MyPatronusIsACat
You only need contents insurance if you have valuable contents. How is that baffling to you?
If you live in a furnished rental, and have some H&M clothes, as OP said she has, plus a few other household bits and bobs, it makes no sense at all to spend £400 a year on insurance when the whole lot can be replaced for a grand
Burglars only want high value things like laptops and consoles.
Water leaks and fires are vanishingly rare
3 years worth of saved premiums gives you more cash than a payout from the insurance would if you lost everything, and a fire or flood is not a once every 2 years event
Yes, once you start owning your own furniture, jewellery, electricals etc, it starts making more sense to have contents insurance
But in 20+ years of owning, renting and renting out property, I’ve never seen a mortgage or tenancy that stipulates contents insurances is required so am surprised you think it’s a common ask[/quote]
This!!!! People on here seem to thinking “renting” always means a 3 bedroom house which you have fully furnished yourself, with tv, computers, purchased furniture, full wardrobe of jewellery, rugs, expensive kitchen items, loads of electronics. When for a lot of London rentals you’re talking a flat where you don’t own any furniture or kitchen items, just some clothes and a laptop—in which case the price of insurance is so out of whack you might as well just put a few quid a month into savings.
When I was renting in London, had all (literally all) my stuff been stolen I would have just bought a new laptop on CC and some clothes from charity shop, would have cost me less than 2 years of insurance. But the chances of being burgled for laptop weren’t super high, let alone chances of someone stealing all my clothes!