16
Nov
Renters shunning home insurance
Over two million British renters are placing themselves at risk of
serious financial loss by not insuring their possessions, it has
been revealed.
According to figures from Norwich Union, some 72 per cent of the
UK's 2.9 million rented properties are not covered by home contents
insurance.
This means that more than £23 million-worth of possessions is
at risk in the event of loss or theft - potentially resulting in
financial dire straits for their owners.
Peter Cormack, household underwriter at Norwich Union, said: "Our
research appears to show that a lot of young renters don't really
understand insurance, let alone consider it.
"It's worth bearing in mind that insurance not only covers you from
burglary but also for all the other household mishaps like damage
caused by bath and shower leaks, which are extremely common and can
damage serious amounts of property. Let's also not forget storm
damage and floods where claims can cost many thousands of
pounds."
Chief among the reasons cited by renters for not opting for a home
insurance policy was the perceived high cost, which was the excuse
given by 30 per cent of respondents.
This was followed by not having enough possessions to make it
worthwhile, which was cited by 11 per cent.
