Don’t have your Nedbank ID yet?
Nedbank ID single sign-on gives you full digital access to Nedbank’s banking and lifestyle products and services on the Money app or Online Banking.
Log in
Log in to Online Banking or another one of our secured services.
Bank your way with low fees and extra benefits.
Enjoy 55 days’ interest free credit and other benefits.
Affordable loans and interest rates from R2k to R300k.
Up to 100% property loan and 105% for first-time buyers.
Debt management support when you need it the most.
Cover for you and your family in the event of death.
Car, building, house contents, valuables and more.
Bond, credit card, overdraft, loan and car repayments.
Guaranteed income and growth plans for future income.
Achieve your financial goals with expert planning.
We’ll help manage your assets, debts and estate planning.
Accounts
-
Everyday banking Simpler more affordable
-
Kids accounts For children under 16
-
Youth banking For 16 to 26 year olds
-
Seniors accounts For 55 years and older
-
Private Clients Personalised banking services
-
Private Wealth The globally integrated account
-
Digital wallet Your phone is your bank account
Credit cards
Digital banking
Switch to Nedbank
Fraud awareness
Forex
Greenbacks
Accounts
-
On demand Money available at any time
-
In 24 hours Cash in your hand the next day
-
In 32 days Funds ready within a month
-
End of term Investments left until maturity
Investment services
Share trading
Personal loans
Home loans
Overdrafts
Vehicle finance
Solar finance
Debt assistance
Funeral cover
Short term insurance
Credit Life
Travel insurance
Business cover
Secure investments
Financial planning
Estate, wills & trust services
Nedbank Private Wealth
Speak to a financial adviser
Blog
Talk to us
Find us
- Login & Register
- Online Banking
- Online Share Trading
- NetBank Business
- NedFleet
- Nedbank Greenbacks
- Nedgroup Investments
- Nedbank ID
- Bank
- Accounts
- Credit cards
- Digital banking
- Switch to Nedbank
- Fraud awareness
- Forex
- Greenbacks
- Explore Bank
- Accounts
- Everyday banking
- Kids accounts
- Youth banking
- Seniors accounts
- Private Clients
- Private Wealth
- Digital wallet
- See all accounts
- Premium banking
- Get help choosing
- Goal saving
- Family Banking
- Refugees and asylum seekers
- FAQ
- How-to guides
- Discontinued accounts
- Everyday banking
- MiGoals Premium
- MiGoals Plus
- MiGoals
- Kids accounts
- MiGoals4Kids
- Youth banking
- MiGoals Premium
- MiGoals
- MiGoals Plus
- Seniors accounts
- MiGoals Premium Senior
- MiGoals Plus
- Private Clients
- Pay-as-you-use
- Young Professionals
- Private Bundle and Private One
- Private Wealth
- Private Wealth Bundle
- Digital wallet
- MobiMoney
- American Express
- Amex Gold
- Amex Platinum
- Digital banking
- Switch to Nedbank
- Fraud awareness
- Forex
- Greenbacks
- Exclusive discounts
- FAQ
- How-to guides
- Save & Invest
- Accounts
- Investment services
- Share trading
- Explore Save & Invest
- In 24 hours
- JustInvest
- PlatinumInvest
- Tax-free Savings
- MoneyTrader
- EasyAccess Fixed Deposit
- PrimeSelect
- In 32 days
- Electronic 32Day Notice
- 32Day Notice
- End of term
- Tax-free Fixed Deposit
- Electronic Fixed Deposit
- Electronic Optimum Plus
- Platinum Fixed Deposit
- Fixed Deposit
- OptimumPlus
- Investment services
- Share trading
- Borrow
- Personal loans
- Home loans
- Student loans
- Overdrafts
- Vehicle finance
- Solar finance
- Debt assistance
- Explore Borrow
- Personal loans
- Loan consolidation
- Secondhand car loan
- Home improvement loan
- Exclusive short-term loan offers
- Explore loans
- FAQ
- How to guides
- Loan consolidation
- Secondhand car loan
- Home improvement loan
- Exclusive short-term loan offers
- Home loans
- Building loan
- Switching home loan
- Repossessed properties
- Start your home buying journey
- Solar-energy Finance
- Earn R32,000 p/m or less? See offer
- HomeVision extra funds
- Home-buying Toolkit
- Managing your home loan
- Explore home loans
- FAQ
- How to guides
- Track application
- Building loan
- Switching home loan
- Repossessed properties
- Start your home buying journey
- Solar-energy Finance
- Earn R32,000 p/m or less? See offer
- HomeVision extra funds
- Home-buying Toolkit
- Managing your home loan
- Student loans
- Explore student loans
- Overdrafts
- Vehicle finance
- Solar finance
- Debt assistance
- Consolidate all your debts into a simple loan | Nedbank
- Short-term payment relief | Nedbank
- Take charge and restructure your finances | Nedbank
- Assisted-sales solutions for homes and vehicles | Nedbank
- Flexible payment plans for loans and credit | Nedbank
- Understanding how repo rate works | Nedbank
- Consolidate all your debts into a simple loan | Nedbank
- Short-term payment relief | Nedbank
- Take charge and restructure your finances | Nedbank
- Assisted-sales solutions for homes and vehicles | Nedbank
- Flexible payment plans for loans and credit | Nedbank
- Understanding how repo rate works | Nedbank
- Insure
- Life cover
- Funeral cover
- Short term insurance
- Credit Life
- Travel insurance
- Business cover
- Secure investments
- Explore Insure
- Life cover
- Get a call back
- Explore MyCover life
- Funeral cover
- Individual R10,000
- Individual R30,000
- Family Cover
- Build your own cover
- Get a call back
- Explore MyCover Funeral
- Individual R10,000
- Individual R30,000
- Family Cover
- Build your own cover
- Short term insurance
- Vehicle insurance
- Building insurance
- House contents insurance
- Valuables insurance
- Valuables insurance
- Get a call back
- Explore MyCover short term insurance
- Vehicle insurance
- Building insurance
- House contents insurance
- Valuables insurance
- Valuables insurance
- Credit Life
- Home loan credit life
- MFC Vehicle Finance Assurance
- Overdraft Assurance
- Balance Protection Plan
- Personal loan Assurance
- Get a call back
- Explore credit life
- Home loan credit life
- MFC Vehicle Finance Assurance
- Overdraft Assurance
- Balance Protection Plan
- Personal loan Assurance
- Travel insurance
- Business cover
- Secure investments
- Guaranteed Growth Income Plan
- Guaranteed Growth Plan
- Get a call back
- Explore MyCover Funeral
- Guaranteed Growth Income Plan
- Guaranteed Growth Plan
- Plan
- Financial planning
- Estate, wills & trust services
- Nedbank Private Wealth
- Speak to a financial adviser
- Explore Plan
- Financial planning
- Investment planning
- Insurance planning
- Give
- Retirement planning
- Investment planning
- Insurance planning
- Give
- Retirement planning
- Estate, wills & trust services
- Will drafting
- Ensure your estate is managed by an executor | Nedbank
- Trust services
- Financial accounting
- Tax services
- Leave the admin of your estate to us, and not to your loved ones | Nedbank
- Will drafting
- Ensure your estate is managed by an executor | Nedbank
- Trust services
- Financial accounting
- Tax services
- Leave the admin of your estate to us, and not to your loved ones | Nedbank
- Nedbank Private Wealth
- Speak to a financial adviser
- Learn
- Blog
- Explore Learn
- Blog
- Contact us
- Talk to us
- Find us
- Explore Contact us
- Talk to us
- Find us
Do you need insurance if you’re renting?
Do you need insurance if you’re renting?
Staff writer
Posted 23/04/2024 Updated 02/04/2024 4 mins
Whether you’re renting or you own your property, you need insurance.
Renting enables you to have a place to call home without committing to property ownership or the local area. You’re also spared the maintenance costs and upkeep that homeowners must factor in.
However, this convenience doesn’t mean that you’re entirely free of responsibilities. Many tenants don’t include insurance costs in their financial management when they’re renting. But if you’re renting, do you really need insurance? And what options are available?
What does my landlord’s insurance cover?
Your landlord is responsible for building insurance. This covers the structure itself. So, if there’s damage to the walls, roof, or any permanent fixtures due to an unforeseen event, your landlord’s insurance should take care of it. However, when it comes to your personal belongings inside the rental property, you’ll need your own insurance. This is called house contents insurance.
What does house contents insurance cover?
It’s crucial to differentiate between what the landlord is required to cover and what you need to cover. Your landlord’s insurance should cover structural issues like a burst geyser, as it’s part of the building. However, you need house contents insurance to cover anything that could get damaged if the geyser bursts – like your furniture, clothes, electronics and personal belongings.
When applying for house contents insurance, consider the cost and cover options. Premiums depend on factors like the value of your belongings, your location, and cover limits. To choose wisely, evaluate the total worth of the items you want covered and select cover that suits your needs. Keep in mind that while basic cover may cost less, comprehensive cover provides better protection.
Nedbank offers house contents insurance that provides valuable protection for your household possessions, whether you’re renting or not. With options for basic or comprehensive cover, it safeguards against loss, theft or damage to your belongings, including cover for food spoilage and power surge protection. Additionally, it includes provisions for alternative accommodation if your home becomes uninhabitable due to an insured event.
Consider how much it would cost you to replace everything you own if it were damaged or stolen
So, whether it’s a burst geyser or unforeseen accidents, having house contents insurance when you’re renting provides a safety net for your possessions, ensuring that you’re not left with a hefty bill to replace or repair them. It’s a smart move to protect what’s inside your rented space.
Could my landlord be required to pay for my damaged possessions?
Consider a scenario in which your possessions get damaged because of your landlord’s negligence. Suppose, for example, a flood happens because your landlord hasn’t maintained the drainage properly, resulting in damage to your belongings. In such a situation, do you have any right to make a claim? The short answer is ‘Yes.’ However, this depends on numerous factors.
In cases of negligence by your landlord, you need to understand that your rights can vary depending on the law and lease agreements. Generally, if your landlord’s actions or inactions lead directly to damage to your belongings, you could potentially file a claim against them for negligence.
To protect your interests, start by documenting the circumstances thoroughly. Take photos or videos of the damage, keep any relevant communications with your landlord, and maintain records of any repair or replacement costs. Seek legal advice to understand your rights and explore the possibility of pursuing compensation for your losses.
But do I really need insurance?
Even if you’re a tenant, insurance can be a lifesaver after unfortunate events like a break-in or a fire. While your landlord’s insurance should cover their responsibilities, it won’t cover your personal items, like your TV and kitchen appliances. Consider how much it would cost you to replace everything you own if it were damaged or stolen
Think of insurance like wearing a seatbelt in a car – most of the time you don’t need it, but when you do, it must be securely in place to avoid tragic consequences.. When you compare a monthly insurance premium to that expense, it’s no longer a grudge payment, but rather an investment in peace of mind.