Over four million rented UK properties left exposed by lack of contents insurance with issue far worse amongst young people
More than four million rented households around the country have been left woefully exposed to theft and damage by not taking out a contents insurance policy, according to research by comparethemarket.com.
Polling the views of more than 1000 renters, comparethemarket.com found that almost half (48%) of those surveyed have failed to take out a contents insurance policy. Based on the most recent census data, this equates to over four million renters. However, given recent growth in the number of renters in the UK, this number is expected to be significantly higher and is likely to grow as rising property prices keep would-be home owners in the private rented sector.
The lack of contents insurance is particularly high amongst 'Generation Rent', with 62% of 25-34 year olds admitting they did not have a policy. This may indicate an "I'll risk it" attitude among renters, particularly young renters, when it comes to protecting their belongings.
The research by comparethemarket.com also found that for those who failed to insure their contents, 43% did so because the policies on offer were too expensive, suggesting that many now see discretionary insurance policies as unaffordable. An additional quarter (25%) of those that don't hold a policy thought that they did not have enough contents to justify taking out insurance to protect it.
Commenting on the findings, Damian Reilly, Head of Home Insurance, comparethemarket.com, said:
"This research shows a worrying level of under insurance among renters in the UK, particularly among younger people. Contents insurance is a really important product that can protect you in the event that you are burgled, or there is significant damage to your home.
"It is key that people understand that the "I'll risk it" attitude can leave them unprotected in the face of an unfortunate event. Whilst you may not think that you need to cover your possessions, the replacement costs of items like laptops, phones, and televisions acquired over time will mount up, without contents insurance you will be unable to recover the loss if they are destroyed or stolen."