Rental contents insurance

Question from Gary updated on 3rd August 2015:

I plan to go on an OE at some point in the near future. I will rent my apartment out fully furnished while I am away. What contents insurance options do I have to insure my contents in the rented apartment? Contents include sofa, bed, mattress, whiteware, TV, etc.

Our expert Myles Noble responded:

Firstly, well done for considering your contents and for picking up that insurers need to know these things given that an owner-occupied dwelling is a lower risk than one which is tenanted (and the same goes for contents of course). Most insurers will offer a landlord fixtures and fittings home contents policy to enable landlords to have cover for fully or partially furnished rental properties. These policies may, however, be subject to a "Landlords Furnishings Endorsement" which may be more restrictive cover than a standard home contents policy - e.g. restricting replacement over to five years. The cover may also be restricted to named perils such as fire, storm, flood, burglary etc and may well exclude claims for malicious damage by tenants. It would pay to ask if this could be added. Lastly, don't forget to also formally advise your home insurer that your property is now tenanted.

Myles Noble is head of claims and earthquake response for Crombie Lockwood. He also holds various advisory board positions in the insurance industry.

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