Uninsured tenants taking misguided gamble

06 2008
Around one in ten of all UK tenants have no insurance for their personal contents as they mistakenly believe their landlord's policy will cover any losses, it has been revealed.

Research carried out on behalf of Zurich found that one third of those living in rental accommodation put the value of their possessions at around £10,000, with many owning individual items worth in excess of £1,500.

However, around one million renters still have no home contents insurance, despite the fact that many feel it would take them more than two years to replace their things if they were stolen or damaged.

One third of renters believe that they would never be able to afford to replace all their belongings should such a loss occur, the study also found.

Steve Gilbert, home underwriting manager for Zurich Insurance said: "At this time of year, when many households are still recovering from the cost of Christmas, home contents insurance is often seen by renters as non-essential, and can slip down their list of priorities.

"Whether renters are simply willing to risk their goods, or if it's a matter of confusion over who's responsible for cover, we urge all renters to take some time to investigate their position, consider their risk and see if they can really afford not to be covered."

Paying bills, repaying debts and even buying new clothes and socialising were cited by those tenants polled as being higher priorities than taking out insurance.

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