8.4 million renters don’t have any contents insurance

15 Nov, 2018

15 Nov 2018 Across the UK there are currently 14.8 million renters and new research from Sainsbury’s Bank Home Insurance indicates that over half, 8.4 million of them are leaving themselves unprotected by not having home contents insurance in place.

Of those renters who do have contents insurance, less than one in five (16%) take the time to compare the cost of different providers and then switch if they find a better offer. Homeowners are more proactive with one in five (22%) comparing the costs of providers and switching to a better deal.(1)

Homeowners are also savvier when it comes to finding ways to save on their building and contents insurance, with over half (54%) of those  with home or contents insurance having already or considering installing safety features to save money on their premium.

Steps homeowners are taking to save money on their home insurance:

Actions consumers are willing to take to reduce the price of their home insurance premium(1) Percentage of UK homeowners(1)
Fit a secure lock 37%
Install a burglar alarm 28%
Install security lights 23%
Install a CCTV system 14%
Install a doorbell camera 12%

Karen Hogg, Head of Insurance at Sainsbury’s Bank said: “It’s worrying to see that more than half of renters don’t have contents insurance, so they wouldn’t be compensated for the loss of their possessions if the worst were to happen.

“While homeowners are more proactive in comparing prices and switching, many people who do have contents insurance, could be missing out on a better deal as only 16% shop around when renewing their home insurance.”

The supermarket bank warns that insurers are unlikely to share how much of a saving will be achieved by adding additional home security, but that it goes without saying that homeowners who can prove they’re taking due care of their property will usually be priced more favourably. Securing your property in this way will therefore not only deter thieves, but will also save you money in the long run.

Five tips for securing your home:

  • Lights, camera, alarm: Installing safety features can help to protect your home from potential intruders, as well as saving you money on your home insurance.
  • Take time to compare insurers: It may seem like a chore to spend time comparing what different home insurance providers are offering, however in the long term it could help you save money. Make sure the provider you choose covers everything you need, such as student cover for children living away from home.
  • Search for an offer: Look for a provider who is offering a benefit or deal to the consumer. Sainsbury’s Bank gives customers double Nectar points on their shopping and fuel, as well as a discount for Nectar card holders.
  • Love thy neighbour: Making friends with your neighbours can prove to be a smart move. Having a trusty friend to keep an eye on your home when you’re not in could benefit you greatly. For prolonged stays away from home you could also ask a friend or family member to house sit, which can be particularly useful if you have furry friends that will need taking care of while you’re away.
  • Know what’s in your home: When the time comes for taking out your insurance policy, take the time to walk round each room to make sure you know exactly what’s there and needs to be included in your cover. For further information on Sainsbury’s Bank home insurance, underwritten by a carefully selected range of insurers, call 0345 266 1603, visit www.sainsburysbank.co.uk or pick up a leaflet in store.