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.”
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As landlord's, it is compulsory for us to provide tenant's with the following;
1) How to rent guide
2) Landlord's gas safety certificate
3) Energy Performance Certificate
4) Deposit Protection Certificate and Prescribed information
5) Landlord's Licensing (If applicable)
6) General Data Protection Regulation (GDPR) Letter/Notice
7) Tenancy Agreement/Addendum to add clauses
8) EICR Report
9) ICO membership registration
In reference to all of the above, failure to implement any of the above can result in hefty fines.
I thing it should be compulsory for all tenants to provide a copy of their insurance before commencement of any AST agreement and upon renewal of tenancy. My reason for this, is that if you have a furnished dwelling and an inventory checkout is conducted, any damages to the property/furnishings may not be covered by the deposit.
Therefore, the tenant should cover any losses/damages from their insurance, based on the reports from the inventory check-out, mid-term inspection and deposit protection tribunal outcome.
In addition to this, a mid-term inspection must be compulsory during the tenancy period, with a minimum of 2 inspection per annum, in order to validate any insurance claims.
Lastly, all tenants should provide the landlords by law, with a copy of the guidelines recently published by the House of Commons, on how to deal with damp and mouldy housing, as in the link below;
Helping tenants with damp and mouldy housing (England) (parliament.uk)
This will create a level playing field and transparency on both sides of the fence, when the issue's surrounding mould gets out of control!
And insurance is the answer to Pets in Lets?
I don't care if tenants have contents insurance as it's, literally, their loss.
I stopped paying for contents insurance when I realised I could afford to replace anything or everything in any one of my properties without contents insurance- and have saved well over £30k over the years with minimal losses.
I regard insurance as protection against life changing losses, so insure properties and cars and take out travel insurance. I stopped paying for health and life insurance when my children left home and deliberately take on high excesses to reduce premiums.
Insurers make high profits, but not from me!
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