Just 7% of home insurance quotes are for renters

Christina Hoghton
Written By:
Christina Hoghton

It might be cheaper than you think to cover your belongings, and more expensive to replace them without insurance

Only 7% of home insurance quotes are for customers renting homes, said GoCompare.

The price comparison site added that this is despite renters making up 16% of UK households. This means they are less likely to insure their contents than other households, including homeowners.

The data shows that more than half (56%) of the proportion of GoCompare customers who requested a home insurance quote were mortgaged homeowners, while 36% had already paid off their mortgage.

Why take contents cover?

Contents insurance covers all of a policyholder’s belongings, that includes anything that isn’t fixed down permanently. It can also include accidental damage cover, as well as specific items such as jewellery or tech. It can be taken by renters and well as homeowners.

Ryan Fulthorpe, from GoCompare home insurance, said: “A lot of those in private rental accommodation are leaving themselves open to being majorly out of pocket should they be burgled or have an accident with one of their high value items. Landlords take out insurance to cover the contents of a property, but not a tenant’s property, that is their responsibility.”

“Premiums can be as little as £137.50 a year, meaning tenants will have the peace of mind that they have protected their worldly goods, without too much of a dent on their pockets. It’s a really important consideration for renters – could you afford to lose them and not get some recompense? If the answer is no, then it’s definitely worth getting contents insurance.”