Fewer than a third of tenants and other residents under the age of 30 have cover for their contents, it’s been claimed.
Overall, around seven out of 10 UK households have contents insurance, according to the recent report.
Using FCA and ONS data, Go Compare calculated the number of home insurance policies in place across the nation.
The findings reveal that just over two-thirds of households have cover for their belongings and 61 per cent have a buildings insurance policy.
More than a third of uninsured tenants and other residents said they opted against getting contents insurance because they didn’t think they would need it.
The second most common reason was that premiums are too expensive, as 31 per cent of those without cover cited this as the reason for not getting a policy.
People aged between 18 and 24 were the least likely to have home insurance, with 82 per cent of this age group admitting to not having a contents insurance policy in place, followed by 46 per cent of 25 to 34-year-olds.
For the uninsured under-30s, price was also one of the primary factors, as a fifth of those without policies said contents cover was too costly. However, the main reason cited was that they didn’t feel it was necessary.
Other reasons uninsured residents gave for missing out on home cover included forgetfulness, believing that it’s too hard to claim, and stating that they live in a safe area so it isn’t necessary.
The most forgetful were those aged 25 to 34, with 13 per cent of those without cover citing this as their main reason for not taking out a contents policy.
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