What is shared housing contents insurance?
Key takeaways
Shared home contents insurance is a type of contents insurance designed for people who live in certain types of shared accommodation.
Contents insurance is designed to protect your personal possessions, typically covering storms, fire, explosions, vandalism, theft, riots, floods and leaking water.
Shared accommodation contents insurance is sometimes known as room-only insurance.
You might need a lock on your bedroom door, and to keep all your personal possessions in your room, for your policy to be valid.
What is home insurance?
Home insurance is a type of cover that protects your house and belongings against risks like fire, theft, storm damage, and flooding, and may also include liability if someone is injured in your home.
There are two elements to home insurance: contents insurance, which covers your personal possessions; and buildings insurance, which covers the structural elements of your property.
If you live in rented shared accommodation, your landlord or property owner will be responsible for the buildings insurance. But you will need your own contents insurance.
If you own your home via shared ownership, you’ll need contents insurance for shared ownership.
On average, UK home insurance costs £72.63
What is shared home contents insurance?
Shared home contents insurance is a type of contents insurance designed specifically for people living in shared accommodation - such as house shares, HMOs, student halls, or lodgings.
Shared home contents insurance is designed for people not living as one household. The key idea is simple: you insure your own belongings, not the whole household’s.
In contrast, most mainstream contents insurance policies insure all the contents in a property as a whole. These possessions will usually be owned by a couple or family unit.
Do I need contents insurance if I live in a shared house?
Contents insurance is not compulsory if you live in a shared house, but it’s a good idea to have it in place.
Without cover, you would have to cover the costs if your belongings were damaged or destroyed by a fire or flood, or stolen in a break-in.
The type of contents insurance you need if you live in shared housing will depend on the nature of your shared living arrangements. In some situations, cover might already be in place.
For students, university halls of residence often offer insurance that covers contents in communal areas and personal rooms. Check your tenancy agreement to see if your possessions are covered and/or if you need to pay extra for insurance.
Am I already covered on another home insurance policy?
Some students might find that their possessions are covered by their parents’ home insurance policy while they are at university. Check whether this cover includes items you take out of the home such as laptops, phones and bikes.
If you live in a student house, you will normally need to buy your own students insurance or single room contents insurance. It’s a good idea to buy this cover as student houses are often a target for burglaries.
Other home sharers, such as professionals in a HMO, lodgers and flatmates, will need to look for room-only contents insurance. This will cover items normally kept in your room. This insurance can often be more expensive due to the perceived higher risks associated with shared living.
In some cases it may be possible to buy one policy for the entire household, but this can be complicated, especially in the event of a claim.
What does shared housing contents insurance cover?
Typically, shared housing contents insurance offers the same type of cover as a standard home contents policy but is limited to your personal contents.
This cover includes protection against loss or damage resulting from:
Explosions
Vandalism
Riots
What belongings can I cover with a shared housing contents policy?
Your shared housing contents policy can encompass a wide range of personal items, such as:
These items are covered if they are lost, damaged, or stolen.
What are common exclusions on shared housing contents insurance?
Common exclusions on contents insurance for shared accommodation may include:
Wear and tear
No forced entry (i.e. theft by other occupants or guests to the property)
Unoccupied property: If the property was left empty for longer than a certain period, and you didn't have unoccupied property cover in place, your policy would likely be void
High-value items: For items that exceed a certain value, a specialist policy may be required
Items left in communal areas
Business items
Items taken outside of the home (unless personal possessions cover is included or added)
What else should I look out for with shared home contents insurance?
Shared home contents insurance may stipulate that you need a lock on your bedroom door for your policy to be valid. It might also only cover items when they’re in your room – not in shared or communal areas.
How much does shared home contents insurance cost?
To work out how much cover you need if you share a home, add up the total value of all your possessions.
This is because there are potentially more people coming and going from the property – including people you may not know – meaning the risk of theft and other incidents will be considered higher.
How much cover will I need if I share a home?
To work out how much cover you need, add up the total value of all your possessions.
This should include clothes, furniture, gadgets, computers, bikes, jewellery and sports equipment, and anything else you own.
Under-insuring could mean a reduced payout in the event of a claim.
How can I reduce the cost of shared home contents insurance?
To lower your premiums and ensure your possessions are secure, consider the following:
Improve your security
Have good locks on both the door to your room and to the property as a whole. Install a burglar alarm or smart security (such as cameras and leak detectors).
Install fire alarms and smoke detectors
And a carbon monoxide detector if you have gas in your property.
Increase your voluntary excess
A higher excess can result in lower premiums.
Pay annually
Opting for annual payments rather than monthly instalments can save you money in the long run.
Compare home insurance quotes
Comparing home insurance quotes with MoneySuperMarket streamlines the process of finding affordable coverage tailored to your shared living situation.
By providing details about yourself, your property, and the estimated value of your contents—and mentioning that you share your home—you can access a list of quotes to suit your needs.
Author
Emma Lunn
Personal finance expert
Emma has written about personal finance for almost 20 years, with a career spanning several recessions and their inevitable consequences. Emma’s main focus is helping people learn to manage their...
