According to recent research by Co-Operative Insurance, a third of tenants do not insure the contents of their home, leaving their valuables unprotected. The comparative figure for those who own their own homes is just 6%.
The most common reason tenants without insurance gave for renting with no contents cover was that they believe they cannot afford it. 44% named this as their reason. However, recent industry data reveals that the average cost of a home contents policy is just £2.44 per week, so many tenants may expect it to cost more than it actually does.
Other common reasons included a belief that it is unnecessary because they are renting rather than owning a property (26%), and 16% said they were happy to take the risk.
The research also showed that the average value of contents estimated by renters is roughly half that of homeowners, leading many tenants (29%) to believe that their belongings are not expensive enough to warrant the cost of insuring them.
Mainly fuelled by a desire to save money, 10% of renters have stopped insuring their home contents over the last five years.