A quarter of private and social renters say they have no insurance at all
1 in 100 homeowners say they have no insurance cover
“Some tenants are running an unnecessary risk” says AA Insurance Services MD
A quarter of private and social renters do not have any form of home insurance, according to a poll by AA Insurance Services.
In a survey of 798 private tenants, 26% said that they did not have any form of insurance in place, but 55% said they had cover for their contents, while around one in 10 said they had buildings and contents cover (9%).
In comparison, the survey of 669 tenants of housing association and local authorities found that 23% did not have any form of home insurance. Three fifths (62%) have contents cover, and 6% have home insurance covering them for both building and contents cover.
In contrast, 92% of homeowners have buildings and contents insurance, however 3% only have contents insurance, one in 50 (2%) have only purchased buildings cover and one in 100 have no insurance in place.
Tenants may have some insurance included within their bills paid to the landlord, however The AA is urging renters to check the small print as they may think they are covered for more than they believe.
Gus Park, managing director for AA Insurance Services, said; “During a cost-of-living crisis, people look for ways to reduce their outgoings. Worryingly, some may choose to drop their home insurance in an effort to save money.
“While there is a strong take up of contents cover for renters, the reality is that some tenants are running an unnecessary risk. Contents insurance is very affordable** and provides piece of mind that their belongings are protected should the worst happen.
“Rather than discover at the point of claim that something isn’t covered, we urge everyone to check their insurance documents so they can be certain that they can make a claim if they need to. Cover for accidental damages, precious valuables and bikes are often additional, so if you want them included in the policy they need to be added on.”