What is renters insurance?
Renters insurance is a type of contents insurance that is specifically designed for people living in rented properties.
Also known as tenants insurance, it protects your belongings within the home against fire, theft or water damage, and sometimes tenant liability.
Fire
Theft
Storm damage
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What does renters insurance cover?
All tenants insurance policies come with standard inclusions and exclusions, making it vital to read the small print to determine the types of damage being covered – and up to what limit.
A standard renters insurance policy can cover:
Note: Tenant liability covers any accidental damage to the landlord’s property, from a broken window to a stain on the carpet. Some insurers include this as standard, while others charge extra for it.
Additional cover
Most tenants don’t require add-ons or specific cover for high-value goods, making standard contents insurance their best option. But renters with high-value jewellery or a valuable vinyl collection could consider getting additional or separate cover.
For those looking to boost their coverage, renters can access broader protection at an additional cost.
Covers damage caused by everyday accidents, such as spilt drinks or smashed glass.
Helps cover legal costs or compensation if someone is injured in your home.
Provides access to legal advice and may help with legal costs for certain disputes.
Covers urgent household emergencies such as a burst pipe or a broken boiler.
Protects the personal belongings you take outside the home, like laptops or jewellery.
Do you need contents insurance as a renter?
Yes, anyone living as a tenant should consider taking out renters insurance. Your landlord insures your building, not your belongings. This leaves you picking up the pieces if there’s a break-in, fire, or flood. Tenant insurance helps you get back on track, without draining your savings.
When asking if you need renters insurance, consider:
Location: Are events like burglaries or floods common where you live? If so, looking into contents insurance could be a smart move.
Lifestyle: Do you own high-value items such as tech, jewellery, or designer clothing? It’s worth assessing whether standard coverage is sufficient.
Living situation: Are you sharing a house with several housemates? Multi-occupancy homes are seen as higher risk by some providers. If you and your housemates live in an apartment, you could also consider taking out an apartment insurance policy.
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How much does renters insurance cost?
A standard policy covering personal possessions can cost around €10 to €15 per month. Renters insurance costs vary depending on the value of your belongings, the level of cover you want, and your claims history.
Tenant insurance policies generally offer two main tiers of content protection, and prices are determined by the complexity of personal policy arrangements.
New-for-old cover: The standard policy type. If your items are lost, damaged, or stolen, the insurer pays the cost of buying a brand-new replacement at full value.
Indemnity cover: A more affordable option. Insurers pay out to the amount that your item is currently worth, taking its depreciation into account.
How to reduce the cost of renters insurance
Take time when arranging your policy to determine if the amounts you intend to insure your belongings for are sufficient. Reduce your cover too much and you could end up out of pocket in the event that loss or damage occurs. The aim is to get enough cover, without paying for unnecessary extras.
Renters may be able to lower their premiums by:
- Paying annually instead of monthly
- Comparing multiple insurers
- Removing unnecessary add-ons
- Avoiding small claims
- Installing security features such as CCTV or alarms
Types of renters
Contents insurance for renters is designed to meet the needs of different groups of tenants. Cover limits, excess levels, and optional extensions will vary depending on the insurer and the risk profile presented.
Common tenant segments include:
Typically living with several others in shared or purpose-built accommodation, often on shorter tenancy terms. Most students own high-value items like laptops and tablets, which would be costly to replace if they were stolen or damaged.
Individual policies cover only the policyholder’s belongings. Insurers may assess the number of occupants and property security, such as whether each bedroom has its own lock.
Fixed-term tenants who may require flexibility if they move mid-policy.
Annual policies operating similarly to standard contents insurance, with optional add-ons available.
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Who offers renters insurance in Ireland?
Several home and contents insurance providers in Ireland offer renters insurance. They include:
Allianz Ireland
123.ie
Outsurance
Redclick Insurance
Zurich
Aviva
AXA
Frequently asked questions
Yes, renters insurance is much the same as regular home contents insurance. If you rent, contents insurance is often called renters or tenants insurance and it covers your belongings, not the building.
If your home has been broken into and your possessions have either been stolen or damaged, your contents policy should help pay for repairs or replacements, depending on the amount of coverage purchased and the excess payable under the policy.
Start by listing all the items you would take with you if you moved house, then estimate the current replacement cost of each of those items. High-value items may require additional cover.
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