New research from an insurer shows many renters are acutely vulnerable to financial loss due to unawareness of their liabilities.
And a statement from the insurer - Paymentshield - calls tenants “clueless” because of their lack of knowledge.
The survey was relatively small - conducted among only 455 private tenants – but showed that 46 per cent of renters don’t have a contents insurance policy in place.
Of that group, 90 per cent admit to not knowing what tenants’ liability insurance – which offers protection against damage to the landlord’s property or belongings – is, with three in five saying they’ve never heard of it.
The latest English Private Landlord Survey from the government reveals that 60 per cent of landlords and 54 per cent of agents return the full deposit to the tenant when the tenancy ends. Of those that do not return in full, 65 per cent of landlords and 60 per cent of agents say this is due to damage to the property and its contents.
Paymentshield spokesperson Rana Ali comments: “Leasing a property involves paying an often-hefty security deposit which is not guaranteed to be returned – at least in full – if the landlord’s belongings are damaged at the end of the tenancy.
“We also know that demand for furnished properties, already making up nearly a third of all rented properties, continues to grow and the potential costs of damaging the landlord’s belonging for these renters could be significant.
“Our latest research demonstrates that many leaseholders continue to be unaware of the merits of tenants liability insurance and therefore highly exposed to financial loss.
“Every single renter in the UK should have tenants’ liability as the absolute minimum protection, and we want to encourage an industry-wide effort to echo this message.”
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I've never understood why anyone needs to insure against their own carelessness.
I've never insured for anything which could be put right easily and cheaply including contents insurance, accidental damage etc and reckon I have saved well over £30000 in unnecessary insurance premiums.
Take care of my property and pay on time and you'll get your full deposit returned promptly. I've never deducted anything from the deposit, just too much hassle.
Don't forget, this report is trying to sell insurance.
Empathy makes a salesperson, it’s missing here. Clueless not the best word to describe people who you want to be customers. Watch and learn 😉
Renters insuring their property? Very unlikely. See it as dead money !
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