Tuesday 15 October 2019

Renters are risking huge losses as most don't have right insurance cover

  

Homes. Photo: Stock Image
Homes. Photo: Stock Image
Charlie Weston

Charlie Weston

A majority of renters do not have home insurance, exposing them to huge losses in the event of theft or flooding.

Most renters do not understand insurance, according to a survey commissioned by Allianz Insurance. They think their contents are covered by the landlord's insurance, when that is not the case.

Fewer than one in 10 renters has insurance, according to the poll carried out by Red C Research.

Experts said they needed contents insurance to cover their goods, while specific renters' insurance would cover the contents and the cost of a claim from someone injured visiting the property.

Some 65pc of renters do not fully understand contents insurance, exposing them to potentially serious loss in the event of theft, fire and flooding.

Some think that home insurance will cover their rent if they are unable to pay it. When asked what renters' insurance was, less than a quarter understood that it was for insuring contents.

Some thought the insurance was for protecting their deposit.

The research found women and renters aged between the ages of 35 and 44 were more likely to understand what was covered by renter's insurance.

Younger respondents in particular admitted they did not understand what exactly renters' insurance covered.

Renters with more disposable income were far more likely to have cover.

It is estimated that some 356,000 homes were privately rented at the start of this year - an increase of almost 15,000 from the start of last year.

When it came to the make-up of renters, the research from Allianz found that while 22pc of people rent with their partner, 27pc are renting with their partner and children.

Irish Independent

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