Three out of five renters risk living without contents insurance

15 Jul, 2020
  • Fewer than two fiths (39%) of adults living in rental accommodation have home contents cover compared to four out of five (83%) homeowners.
  • Renters value their home contents at around £30,000 on average.
  • Only one in five (20%) people aged under 25 have cover in place, whereas the vast majority of those aged 55+ have home contents insurance.

Sarah Applegate, from Aviva, said:

“Tenants sometimes make the mistake of thinking the items in their home aren’t worth much, so they may feel that they don’t really need contents insurance. But it’s very easy to underestimate the value of possessions. Taking into account the likes of laptops, tablets and TVs, alongside essentials such as clothes and home furnishings, the total value quickly adds up.

“Our research shows that  when renters consider their possessions individually, they value their home contents at around £30,000(3) on average. So skimping on contents insurance could be a very expensive mistake. If no cover is in place, people could face replacing their hard-earned goods themselves, should the unthinkable happen.  

“While no-one really wants to think about losing items through a burglary, fire or flood for example, the sad reality is that these things do happen. So whether they own their home or they’re renting,  we’d urge people to consider how they might protect their possessions.”

Aviva’s tips for renters when considering contents insurance:

  1. Work out the value of the belongings in your home – they may be worth more than you think. Go round each room and add things up, or use an online contents calculator so you can work out the replacement value of everything you need to cover.
  2. Don’t assume you are covered by your landlord’s policy. The landlord is usually responsible for insuring the building against damages, but not the contents that you keep in the property.
  3. Ask your landlord about installing a burglar alarm, extra locks or putting a gate across any open alleyways at the side of the house. This means both their building and your contents are more secure.
  4. If you have any valuables such as jewellery or expensive watches, check with your insurer if you need to list them separately on your policy. Many insurance policies will have a ‘single article limit’ on standard cover, which is the most the insurer will pay out for a single item, in the event of a claim. If you have valuable items worth more than this limit, speak to your insurer.
  5. Choose the cover which best fits your needs including any optional add-ons. Many insurers offer ‘accidental damage’ cover in case of spillages or breakages. This can be particularly handy if there are children in the home.
  6. Consider whether you want cover just at home, or when you’re out and about too. Extra personal belongings insurance can cover possessions – including pedal bikes, handbags and jewellery – away from the home, in the UK, or anywhere else in the world.
  7. Don’t duplicate your insurance. If you have taken out separate cover for your mobile phone, but you also have personal belongings insurance under your home contents cover, you could well be paying to insure the same item twice.