"We’d encourage renters to compare different levels of cover and prices before purchasing a policy."
- Helen Phipps, Home Insurance Expert at Compare the Market
Of those surveyed (2,041), almost half (49%) of renters in the UK don’t have contents insurance. The most popular reason as to why they’d opted to avoid contents insurance was rising living costs (30%), followed by unaffordability (28%), and disbelief in the value of contents insurance (20%).
Amongst those with contents insurance, 41% said they purchased their policy for peace of mind, while 39% said the decision was based on their recognition of protection as valuable. 21% purchased contents insurance with specific valuables in mind, while 27% bought a policy because a friend or family member recommended it.
Although 49% of respondents said they’ve never had a personal item stolen, many can recall such incidents. 18% of renters have had a mobile phone stolen/lost/damaged in a rental, followed by laptops (15%), TVs (14%), jewellery (12%), and wallet/cash/credit or debit cards (10%).
Notably, 81% of renters who’ve had possessions lost, stolen, or damaged said that some (if not all) were covered by contents insurance.
“It’s encouraging that most renters recognise the importance of contents insurance. However, due to expensive living costs, many are trying to save money by not taking a policy out,” explained Helen Phipps, Home Insurance Expert at Compare the Market.
She noted that for people in a financial position to do so, purchasing contents insurance could help avoid the substantial cost of replacing possessions; “It typically covers your personal belongings, should you be subject to events such as theft or damage.”
Contents insurance may also include tenants’ liability which offers financial protection if anything that belongs to the landlord is accidentally damaged.
“We’d encourage renters to compare different levels of cover and prices before purchasing a policy. It’s also a good idea to encourage any friends or family members who rent to consider looking for contents insurance to ensure they have protection for their possessions,” she concluded.
