Nearly half of all renters without any contents insurance
- Renting is at the highest level in 30 years with over 15 million Brits renting their home
- Nearly half (45%) of all renters have no contents insurance compared to just 5% of homeowners
- Historically many people first took out home insurance when buying their first home however with thousands of Brits in their 20s, 30s and older staying in rented accommodation there is an increasing gap in cover
- Renters estimate that they could only afford to replace around a third of their belongings if they had to make a claim
Research by esure home insurance has revealed a significant lack of contents insurance amongst renters. With renting at the highest level for 30 years many Brits are staying in rented accommodation for many years, if not all of their adult life. Across all ages around one in three Brits rent their accommodation which rises to four in ten (38%) under 35s, the group most likely to be in rented accommodation.
Traditionally many people first took out home insurance when they purchased a property however without this life step many British adults are continuing without any kind of insurance cover, despite the fact that over the years the value of their possessions will grow, meaning they could find themselves considerably out of pocket should their belongings get damaged or stolen.
Renters say on average their household contents would cost £15,758 to replace, however looking at how much they could afford to pay out if they had to replace their belongings, the biggest number of renters (37%) admitted they would have less than £2000 to spend.
Elspeth Hackett, esure Head of Home Insurance said: “Our social set up in the UK is changing and for many people renting is the norm, not just when they are younger, but throughout the rest of their lives too. This means that many people simply don’t think about taking out contents insurance in the way they used to and this gap in cover is a growing problem that needs to be addressed. With cover costing from a few pounds a month, home insurance provides you with the peace of mind that if the worst should happen you won’t be out of pocket.”