So you’re probably asking yourself why we’ve written a guide to shared contents insurance – surely it’s the same as normal contents insurance? Well, we’ve got news for you – if you’re living in shared accommodation, the chances are that you’ll struggle to find contents insurance with most insurers. Pretty crazy, right?!
Can I just get normal contents insurance anyway?
Although we admire your nerve, you can’t do that, and we don’t recommend you try. You didn’t hear it from us, but the insurance industry tends to be pretty biased against young people, which is why it’s so hard to get sharers insurance.
From most insurers’ perspective, the higher the number of people insured, the higher the risk – especially if they don’t have access to everyone’s claims history. Most insurers think if you live with friends then there will be a lot more people coming and going through your home, and those people could easily break or steal something.
The perceived ‘risk’ for a lot of insurers increases exponentially when more people live together, as:
This is the way that traditional insurers have historically considered flat-sharers, not us. We don’t agree with these ‘risks’ and we think it’s unfair that you have to pay more because of them. Just because you’re living with friends, it doesn’t mean you’re not house-proud or responsible, which is why we’re not treating you that way!
Decided Shared Contents Insurance is the way to go for you? Get a quote now!
How much is it likely to cost?
Your insurance policy’s price will vary depending on a number of things, such as your age, location, how big your home is, and any add-ons you include.
The shared contents insurance market is, regrettably, very limited. Not many people offer it, so ‘shopping around’ won’t take you very long. We went around the main providers and got the basic info, but didn’t get any quotes as they will vary so wildly between people.
Table data true as of October 23rd 2018
We’ve included things which can really affect your buying experience in this table, such as how many questions are asked and how many people they will cover.
Some insurers may require you to replace your front door lock with British Standard regulations, and could give you a higher compulsory excess. Luckily for you, Urban Jungle isn’t into that kinda thing, so your shared contents policy won’t have any conditions.
How can I make my place less risky?
Good question! Staying risk-free is important, whether you have insurance or not. It can seem a little more challenging when you’re sharing with other people, but if you follow these tips then it’s not that tricky!
If you’re worried about being robbed, then it’s a good idea to have good locks on your exterior doors, including ones which can only be operated from inside such as a chain or latch. Getting into the habit of always locking the door behind you if you’re the last one out will help put your mind at rest, too. If you want to be extra careful, then ask your landlord about putting key-operated locks on your door to your room, or one that you can lock from the inside.
If you’re moving in with people you don’t know, or are looking for a new housemate, then do your best to choose people who seem trustworthy or responsible (forgetting to close a window can be just as risky as a kleptomaniac housemate!)
To prevent some of the more common accidents from happening, remembering to lock or close all the doors and windows if you leave the house or room could come in handy. Water damage is one of the most common claims, so making sure that everyone living in the house knows where the stopcock is and how to operate it, could be the one thing standing between a small puddle and a flooded flat! Aside from that, be sure to check that the smoke alarm works every couple of months.
Hopefully this has shed some light on the shared insurance situation, and you feel a little more confident about finding cover now. Good luck with your new place or new flatmates, and stay safe!
If you’re looking to buy shared contents insurance from us, you can get a quote here.
Got any questions?
We know insurance can be a bit confusing, and we love talking about it, so if you have any questions, please get in touch by hitting the Contact Us button on our home page.
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Urban Jungle is a home insurance business, specialising in renters and sharers. We’re using technology to make insurance better for young people, but also care about helping people make life as renter better.
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