Half of all renters have no contents insurance
Comparison site Go.Compare also found that while 93% of homeowners have contents insurance, some said they forgot to take out a policy or that it was too hard to make a claim.
Price was the biggest issue cited by renters, but 29% of uninsured homeowners also felt that it would cost too much.
Some renters think their landlord’s home insurance policy covers their personal possessions, such as their mobile phone, wallet and bicycle but that’s not the case. Tenants are responsible for having their own contents insurance policy for personal items.
‘Make it more affordable’
Ceri McMillan, home insurance expert at Go.Compare, said: “Although a lot of residents think home insurance is too expensive, there are ways to make it more affordable.
“Renters only need to worry about protecting their belongings, so they can purchase a contents-only policy. Our latest data shows that the average price for this is £74 per year, but it may be lower depending on your exact details.”
She suggested comparing quotes from multiple providers to find the best deal to cover unexpected events such as fire, flood or theft.
Other comparison sites agree.
Alex Hasty, director at comparethemarket.com, said last week: “The ongoing cost-of-living crisis is placing a substantial strain on many people’s finances. As a result, many renters are having to cut back not only on certain luxuries, such as dining out, but also on critical expenses like contents insurance, to help relieve the burden of soaring living costs.”