Renters: This mistake could cost you thousands of pounds
Over half of renters across the UK, 8.4 million, are leaving themselves unprotected by not having home contents insurance in place, according to Sainsbury’s Bank Home Insurance. That’s 55% of all tenants uninsured.
It found that, even among 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 about ensuring they are on the best deal, with one in five (22%) comparing the costs of providers and switching.
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.”
How to protect your property
The supermarket bank has also published its five top tips for securing your home:
1. Installing safety features can help to protect your home from potential intruders, as well as saving you money on your home insurance.
2. 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.
3. 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, for example, as well as a discount for Nectar card holders.
4. Making friends with your neighbours can 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.
5. 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.