Save, make, understand money


Majority of ‘generation rent’ not taking out contents insurance

Written By:

More than four million rented households in the UK have not taken out a contents insurance policy, leaving them exposed to theft and damage according to research by comparethemarket.com.

In a poll of 1,000 renters, 48% of those surveyed have failed to take out contents insurance, which based on the latest census data equates to over four million renters. The number jumps to 62% of 25-34 years olds – known as ‘generation rent’, which according to comparethemarket.com may indicate an “I’ll risk it” attitude amount renters when it comes to protecting their belongings.

According to the research, 43% of those who had failed to insure their contents did so because the policies on offer were too expensive. An additional quarter of those do not hold a policy thought they did not have enough contents of value to take out insurance to protect.

Damien Reilly, head of home insurance at comparethemarket.com, says: ““This research shows a worrying level of under insurance among renters in the UK, particularly among younger people. Contents insurance is a really important product that can protect you in the event that you are burgled, or there is significant damage to your home.

“It is key that people understand that the “I’ll risk it” attitude can leave them unprotected in the face of an unfortunate event. Whilst you may not think that you need to cover your possessions, the replacement costs of items like laptops, phones, and televisions acquired over time will mount up, without contents insurance you will be unable to recover the loss if they are destroyed or stolen.”