Some 53 per cent of all renters have a contents insurance policy, says GoCompare.

The firm claims tenants are neglecting to take out cover that could save them money in the long run. In comparison, 93 per cent of homeowners do have protection for their possessions.

Uninsured renters pointed to cost as the number one reason for not taking out a policy. 39 per cent said that contents insurance was simply too expensive for them. More than a third stated that they didn’t purchase cover because they felt they wouldn’t need it.

While price was the primary factor for renters, many uninsured homeowners share the same view. Twenty nine per cent told the insurance comparison site that contents cover is too costly, and a third decided against properly protecting their possessions as they didn’t think it was necessary.

Ceri McMillan, home insurance expert at Go.Compare, says: “While you hope you’ll never need to claim on an insurance policy, protecting your house and possessions from unexpected events such as fire, flood or theft is very important, as it ensures you’re not left out of pocket should any of these events occur.

“Although a lot of residents think home insurance is too expensive, there are ways to make it more affordable. Renters only need to worry about protecting their belongings, so they can purchase a contents-only policy. Our latest data shows that the average price for this is £74 per year.”