Renters put home contents in jeopardy

by Richard Kilner

Story link: Renters put home contents in jeopardy

Zurich Insurance has conducted research which reveals that those who rent are putting in jeopardy £8bn of goods that may not be insured.

Over a third of respondents, corresponding to nearly half a million people, do not have home contents insurance.

The finding is particularly surprising given the constant threat of burglary and the immense flooding that struck England during last summer and, to a lesser extent, this January.

Steve Gilbert, Zurich’s home underwriting manager, explained that the time of year is partly to blame, as many people are still suffering the financial hangover of Christmas, and see insurance as an optional extra rather than a necessity.

The lack of concern is even more puzzling given that a third of those surveyed valued their goods at over £10,000.

A third also said that their goods would be irreplaceable if they were damaged or destroyed.

Some people believe they are covered by the policy held by their landlord, though almost a quarter cite lack of expensive goods as the reason for not taking out their own insurance.

Financial burdens are a strong factor when choosing whether to take out insurance. More than half referred to bill payments preventing them taking out a policy, with over a third citing debt repayments and an eight citing pension payments.

Around a tenth of people eschew insurance in favour of spending the money on holidays.