Less than one in ten home insurance quotes are for renters
Around 16 per cent of UK households currently live in private rented accommodation– equivalent to 4.5million families – yet only 7 per cent of all home insurance quotes last year were for renters, according to data from GoCompare.
In comparison, more than half (56 per cent) of the proportion of GoCompare customers who requested a home insurance quote were mortgaged homeowners, while 36 per cent had already paid off their mortgage.
Ryan Fulthorpe, from GoCompare home insurance, said: “We know that the private rental market is growing quickly, and more people are choosing to rent rather than buy homes due to the current surge in house prices, but this data is concerning.
“A lot of those in private rental accommodation are leaving themselves open to being majorly out of pocket should they be burgled or have an accident with one of their high value items.”
Landlords who rent their accommodation can take out landlord insurance for their properties, which offers building’s insurance, and can take out additional contents’ insurance for white goods and fixtures and fittings, but this will not cover the tenants’ belongings.
Contents insurance covers all of a policy holder’s belongings, including anything that isn’t fixed down permanently.