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Are you renting a property? Then don't forget your contents insurance

Depositphotos 4248610 m-2015 (1)

If you are renting a property, you are probably thanking your lucky stars that you managed to find a place in the current market where demand outstrips supply. Those same market forces are also pushing rents ever upwards. It’s hardly surprising, therefore, that you need to watch every penny.

Yet there is one essential aspect of life as a tenant where the costs have actually come down in recent years – and that is the annual price of contents insurance premiums.

Contents insurance 

Figures published by the Association of British Insurers (ABI) on the 1st of February, show that the price of home contents insurance premiums now stand at a record low – with the average cost working out at probably half of what you are spending each week on takeaway meals. 

That is likely to be a small price to pay to protect all your belongings and possessions against a whole host of risks – ranging from theft, to fire, flooding, escape of water and all manner of loss or damage.

It’s likely to be a small price when you consider the value of all the things you own in your rented accommodation – and, without that contents insurance, of course, you might not have the means of repairing or replacing items that that stolen, lost or damaged. 

Who has it?

If you are a tenant, you might be thinking that any type of home insurance is just for homeowners. You are likely to be wrong.

Tenants, too, are likely to own many possessions – some of them quite valuable – that need the protection of the type of renters’ contents insurance we are able to arrange here at UKinsuranceNET.

For all that, however, recent studies have shown that as many as one in three of all tenants in the private rented sector have no contents insurance – and that represents some 2.4 million households.

A posting by Property Reporter on the 23rd of April explained that although a third of all tenants are likely to have no contents insurance, the figures are unfavourably skewed towards tenants in private rented accommodation compared to housing association tenants 

Whereas 64% of housing association tenants are believed to have contents insurance, the percentage drops to just 54% of those in the private rented sector have it – perhaps because housing associations are generally inclined positively to recommend the cover to their tenants.

Still, the research found that among lower-income tenants, only 29% had any level of contents insurance – and this is the very group most likely to find it difficult to repair or replace possessions that are stolen, lost or damaged by a wide range of common risks and perils.

Arranging your contents insurance 

Not only are you likely to find the cost of contents insurance affordable, but it is also very easy to arrange if you have access to the internet on your laptop or smartphone.

We can give you an almost immediate online quote for the cover you need or simply call us on 01325 346 328 – and remember that the price of premiums is based on the total value of the items you need to insure, so that if you are just setting up home and have not yet acquired so much in the way of possessions, the cost is likely to be that much more modest.