Do I need insurance if I rent?

Plenty of people assume the landlord's insurance covers them. It covers the building, not your life inside it.

The distinction that explains everything

• **The building**: walls, installations, everything that forms part of the property. Insuring it is the landlord's responsibility.
• **The contents**: your furniture, your clothes, your computer, your bike. Only your own policy covers that.
• **Public liability**: the damage you cause to third parties. It is the part almost nobody values and the one that costs most.

Why public liability matters so much

If you leave a tap running and the water reaches the flat below, you are the one liable. The neighbour's repairs, their furniture and their building work can add up to several thousand euros. A basic tenant's policy costs very little a year and covers exactly that.

Check the contract: many include an obligation to hold insurance with public liability cover. If it is there and you do not take it out, you are in breach even if nothing ever happens.

What you do not need

Insuring the building itself. It is not yours and you would be paying twice for the same thing. If a salesperson offers you the full landlord's policy, say you are a tenant and ask for the version that applies.

And a word on the sum insured

When working out the contents, people always underestimate. Add up mentally what it would cost to replace everything in the home if it were gone tomorrow: it is usually a good deal more than you think.