blank
Connect with us

Money

Less than one in ten home insurance quotes are for renters

Published

on

Latest data from insurance company GoCompare shows that just 7% of home insurance quotes are for customers renting homes.

Approximately 16% of UK households currently live in private rented accommodation in the UK – that’s 4.5million families – yet according to GoCompare data only 7% of all home insurance quotes are for renters.

In comparison, the data shows that more than half (56%) of the proportion of GoCompare customers who requested a home insurance quote were mortgaged homeowners, while 36% had already paid off their mortgage.

Landlords who rent their accommodation can take out landlord insurance for their properties, which offers building’s insurance, and can take out additional contents’ insurance for white goods and fixtures and fittings, but this will not cover the tenants’ belongings.

Advertisement

Contents insurance covers all of a policy holder’s belongings, that includes anything that isn’t fixed down permanently. It can also include accidental damage cover, as well as specific items such as jewellery or tech.

Advertisement

Ryan Fulthorpe, from GoCompare home insurance, said: “We know that the private rental market is growing quickly, and more people are choosing to rent rather than buy homes due to the current surge in house prices, but this data is concerning.

“A lot of those in private rental accommodation are leaving themselves open to being majorly out of pocket should they be burgled or have an accident with one of their high value items. Landlords take out insurance to cover the contents of a property, but not a tenant’s property, that is their responsibility.”

Advertisement

Ryan added: “It’s worrying to think that so many families living in rented accommodation in the UK are leaving themselves open to losing possibly thousands of pounds if the worst happened, as well as to cover those high value items away from home – as many contents insurance policies offer some form of cover if an item is lost away from the property.

“Premiums can be as little as £137.50 a year, meaning tenants will have the peace of mind that they have protected their worldly goods, without too much of a dent on their pockets. It’s a really important consideration for renters – could you afford to lose them and not get some recompense? If the answer is no, then it’s definitely worth getting contents insurance.”

Advertisement

To find out more about contents insurance, go to gocompare.com/tenants-insurance.


Advertisement
Advertisement
Click to comment

Leave a Reply

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement

Trending

Copyright © 2022 Swansea Bay News