Almost one in three renters admitted to not having any form of insurance for their valuables, while a further one in 10 said they simply ‘didn’t know’ when asked if they had cover.
The survey of renters, conducted by Co-op Insurance, highlighted the potential financial ‘black hole’ tenants faced across the nation, as one fifth estimated the total value of their possessions to be between £5,000 and £10,000.
Only 6% of those surveyed said they could replace this same amount ‘out of pocket’.
This disparity was further amplified at a time when many renters face increasing rental costs, with recent ONS figures highlighting that average private rents increased by 8.7% in the 12 months to May 2024.
When it comes to potential common risks experienced by renters, such as fire, weather damage or theft, the latest data also revealed the top five claimed-for items, with televisions topping the list.
This was followed by phones, laptops, jewellery and bikes.
Andrew Nevitt, head of Co-op Renter’s Insurance, said: “As our research shows, despite the large numbers of people in rented accommodation across the UK, many either simply don’t have adequate protection for their belongings in the first instance or are unsure if they do and what is covered.
“Whether you are short term renting or for longer, it’s important to be aware that whilst your landlord may have their own insurance policy, this generally will not extend to covering the tenant’s personal belongings.
“For peace of mind in knowing that your valuables are covered should anything happen, a good renter’s insurance policy can provide just that, as it’s basically designed to protect those things you would take with you when you move, whilst also offering flexibility that allows you to only pay for the months you need it, should you be planning to move, for example.”
