More than half of renters have no contents insurance
While there is plenty of industry focus on helping landlords better protect themselves and their property from potential claims from tenants, the majority of renters continue to take major risks when it comes to their own belongings, according to new research.
Most landlords possess comprehensive landlords insurance that covers them against damage to their property, which means that, for example, the landlord’s property would be insured and he or she would get money for the loss of the building. However, this often does not cover tenants, which means that their contents may not be covered.
Consequently, a tenant could lose all of their belongings and get nothing back if they have not acquired contents insurance, which means that they are taking a big gamble with their personal items if their property is broken into or damaged.
A YouGov poll survey, commissioned by Paymentshield, found that 54% of those living in a rented property do not have contents insurance.
Some 16% of tenants surveyed said they had suffered a fire, flood, theft, burst water pipe, lost keys or damage to their or their landlord’s belongings in the last 12 months.
Paymentshield’s head of business development, Rana Ali, commented: “What these figures capture is the vulnerability of renters to financial disaster, either due to not being covered by a tenants’ contents insurance policy in the first place, or by not being aware of what exactly a policy covers them for and when policyholders are eligible for compensation.”
Worried about your contents now being covered when you're renting? Fear no more.
A Tenant Content Insurance policy is a great way to cover the replacement of your possessions, in the event of theft, fire or flooding - you can even extend it to include accidental damage.
Our partners at Urban Jungle are a new type of online-only insurance business, focused on using tech to speed things up and saving you money as a result.
What is Contents Insurance?
Contents insurance covers all of your possessions, from your electrical appliances to your clothes. Contents insurance also includes any freestanding fridges, bathroom cabinets, etc. Everything physically fixed to the building like flooring or the built-in-oven is part of buildings insurance. When considering Contents Insurance there are some things which you can choose whether or not to cover, such as gadgets, high-value items and bikes.
However, it is worth noting things that aren’t typically covered by your contents insurance include anything which is owned by your landlord.
Want to find out more?
If you're already completing a reference through Veri-Check it's quite likely your agent has already opted in. If your agent is part of the scheme then as part of the online application process you'll be given the option to get a quote at the end of your application.
Alternatively, you can find out more and purchase insurance through Urban Jungle without having to complete a reference anytime by clicking here.