There is so much focus on helping landlords better protect themselves and their property from potential claims from tenants, but many renters are often left taking major risks when it comes to their own belongings.
The majority of landlords possess comprehensive landlords insurance that covers them against damage to the property, but this often does not cover tenants.
In the event of a fire, for example, the landlord’s property would be insured and he or she would get money for the loss of the building, but the tenant’s contents may not be covered, meaning that a tenant could lose all of their belongings and get nothing back.
Yet, many people who rent their homes do not possess contents insurance, according to a new study, meaning that they are taking a big gamble with their personal items if their property is broken into or damaged.
Research from Sainsbury’s Bank Home Insurance has found that more than half - 55% - renters do not have any contents insurance and are leaving themselves unprotected by having nothing in place.
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.”