£7.6bn Insurance Gamble of Young Tenants
Large number of young tenants do not insure home contents
12th September 2005
Research from insurance company Direct Line suggests that up to £7.6bn worth of possessions may be uninsured by young tenants, who form a fast growing proportion of the population as high property prices makeit moredifficult to get onto the housing ladder.
33% of 25-34 year olds currently rent, and the report says that 39% of these have no home contents insurance.
While many people decide not to get an insurance policy because they believe it will be expensive, Direct Line point out that the typical contents policy for a young renter will be only a 'few pounds a month'.
Many tenants also mistakenly believed that their possessions would be covered by their landlord's policy in the event of a burglary or fire, when this is rarely the case.
Andrew Lowe, Direct Line's Head of Home Insurance said:
"...many renters, and new graduates in particular, are potentially exposing themselves to unnecessary economic hardship and expense for the sake a few pounds a month.
Insurance cover will not necessarily be expensive, and in the event of a burglary, will almost certainly be more cost effective for new renters than having to replace lost or stolen goods themselves."
Read More: Direct Line News Desk : Young Renters gamble £7.6 billion on home contents
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