16 Nov

Renters shunning home insurance

Renters shunning home insurance

Over two million British renters are placing themselves at risk of serious financial loss by not insuring their possessions, it has been revealed.

According to figures from Norwich Union, some 72 per cent of the UK's 2.9 million rented properties are not covered by home contents insurance.

This means that more than £23 million-worth of possessions is at risk in the event of loss or theft - potentially resulting in financial dire straits for their owners.

Peter Cormack, household underwriter at Norwich Union, said: "Our research appears to show that a lot of young renters don't really understand insurance, let alone consider it.

"It's worth bearing in mind that insurance not only covers you from burglary but also for all the other household mishaps like damage caused by bath and shower leaks, which are extremely common and can damage serious amounts of property. Let's also not forget storm damage and floods where claims can cost many thousands of pounds."

Chief among the reasons cited by renters for not opting for a home insurance policy was the perceived high cost, which was the excuse given by 30 per cent of respondents.

This was followed by not having enough possessions to make it worthwhile, which was cited by 11 per cent.

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