Over 115,000 rented homes have been the victim of domestic burglary in the last year, costing those without insurance a whopping £330million. In our latest research, we’ve discovered that 48% of renters do not have a contents insurance policy, meaning that stolen contents would not be replaced in the event of a burglary.
Between October 2014 and September 2015, it is reported that there were over 400,000 domestic burglaries in the UK- with the average cost of these burglaries coming in at more than £2,500 (£2,833). Could you afford to replace all of your stuff if it got pinched? That’s a serious question that those of you without contents insurance need to consider.
According to our poll, which interviewed more than 1000 renters, almost half (48%) admitted to not taking out a contents insurance policy. That would suggest that there could be up to 4million rented households in the UK currently without cover. So why are renters not thinking about contents insurance? Should we be concerned about being uninsured?
Well, of our uninsured renters, 43% said that they didn’t take out contents insurance because the policies on offer were too expensive, which suggests that many of us are finding these optional insurances a little unaffordable. A further 25% didn’t think that they actually had enough contents to justify taking out insurance to protect it.
And these issues seem to be compounded in our younger generation (‘Generation Rent’) with 55% of 18-34 year olds admitting to not have a contents insurance policy. That’s particularly frightening when we consider that this age group had over £170million stolen last year due to home burglaries and an inability to claim back due to uninsured home contents.
Damian Reilly, our Head of Home Insurance, said “This research shows an extremely worrying lack of insurance among renters in the UK, particularly among young people. The figures show the financially devastating effect that a break-in can have on a household without insurance with the average domestic burglary costing £2,833, not even factoring in the psychological trauma.
“It makes sense that renters take out a policy to ensure that they are protected. Unfortunately, the statistics indicate that those who suffer are often those who can least afford to be and are least prepared.”
So if you’re one of those rented households with uninsured contents, you need to consider the possibility that you’ll need to replace your own items if you’re ever unfortunate enough to be burgled. You can read more about rental insurance here and make sure you’ve explored your options. Or, if you’re already convinced, you can compare contents insurance now and make sure that you’ve got the right level of cover at the right price for you.