A: Not feeling the need for contents insurance is a common misconception by tenants in the private rental sector.

Figures show only 39% have it, in stark contrast to homeowners where 89% of mortgage owners and 93% of people who wholly own their own home have a policy in place.

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When questioned in a recent survey, tenants said they thought it was nice to have but not essential – I would beg to differ.

Even if the property is fully equipped and furnished by the landlord, most tenants have expensive items like cameras, laptops, mobile phones and TVs.

The cost of the total could easily add up to thousands of pounds if, God forbid, the place burnt down.

Policies can also cover accidental damage within the property too, most tenants fail to appreciate that if they were to crack a washbasin or cause a flood by leaving a bath running for instance or lose a set of expensive security keys and fobs they are liable for the cost of repair or replacement.

There are several specialist insurance policies available that would include tenant’s liability in their cover.

So don’t be caught out, for the sake of a few pounds a month. Get sorted.