House Sharing Home Insurance

Often sharing a house can be fun but it can also lead to arguments over little things like who drank the last of the milk and put the empty carton back in the fridge. Also disagreements over bill payments are common. However, it has come to light that another area of house sharing is causing friction.

House-sharers are traditionally under-served when it comes to home insurance, but there are some answers for the ever growing number of people living communally. There are around 2.5 million rented properties in the UK and a fair number of these are multiple-occupancy.

Getting contents insurance for shared houses and flats is notoriously difficult and many insurance companies simply won't even quote for it. The main trouble is that there is inherently more risk in sharing with strangers when it comes to possessions.

We do have to put a lot of trust in people we don't know very well to begin with and though most people are honest, there are always exceptions and they're not always the ones you'd expect! As well as those we live with, we are also putting trust in their friends who may visit. Many insurers who do offer cover may exclude theft except in the case where there has been forced entry (and therefore excluding theft from flatmates).

One answer is to sign a mutual agreement. This will require everyone in the property, with no exception, to sign up to a single policy.

Home insurance companies will require proof of employment to ensure that tenants are not transitory and this is only really feasible with four or fewer tenants. Tenants will also have to supply definitive proof of forced entry to show that no-one within the household was involved in the theft.

Another, and potentially simpler, option is to insure the property as a whole, including the landlord's possessions. This can normally be arranged for a reasonable amount on a three bedroom property with accidental damage and cover outside the home.

If you would like to know more about home insurance why not ask AnswerBank Insurance.

If you would like to view search results for Property Rental click here.