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:
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