At a time when many households are feeling the financial squeeze, over a third or tenants are pushing contents insurance to the bottom of their list of priorities.
Expensive debt, costly bills and the desire for luxury living are all factors preventing over a third of UK tenants from protecting their possessions with contents insurance.
In a study conducted on behalf of Zurich insurance over 37% of those living in rented accommodation were found to be uninsured with an astounding 10% of these individuals mistakenly believing their property was protected by a landlord’s buildings insurance policy.
Despite over 33% of those asked owning over £10,000 worth of contents, protecting these belongings was far down the list of priorities for many. 17% of those questioned valued luxury living over protecting their property with 10% prioritizing regular holidays, 9% preferring to spend their money socializing and 7% valuing shopping for new clothes over insuring their old ones.
However, affordability seemed to be a very real issue for others with 56% citing the financial demands of running a home as reason for remaining uninsured. An additional 36% were focusing on clearing debts as a priority.
With no financial protection against the unforeseen in place it’s no surprise that almost a third of those uninsured believed that they should fall foul of the weather (as is becoming a very real concern for many), suffer from fire or a burglary, they would never be able to rebuild the full value of contents in their home.
Home Underwriting Manager for Zurich Insurance, Steve Gilbert, commented: “Home contents insurance is often seen by renters as non-essential, and can slip down their list of priorities. They need to be aware that not having insurance could cost them dearly in the long run, especially if faced with the daunting prospect of replacing all their possessions. “
“Whether renters are simply willing to risk their goods, or if it’s a matter of confusion over who’s responsible for cover, we urge all renters to take some time to investigate their position, consider their risk and see if they can really afford not to be covered.”
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