Tenants not taking out contents insurance?

Shocking figures are released in a recent survey about tenants and their lack of contents insurance.

Recent research has shown that 61% of tenants currently have no contents insurance, with 48% admitting that they have never taken out contents insurance at a property they have lived in during their lives.

The survey further revealed that 19% of tenants questioned said they had no idea what contents insurance was, whilst amongst those who actually did have  a policy, 42% of them did not know what it actually covered or what to do in the event of needing to make a claim.

The figures from the Upad research also showed that 78% of tenants have personal belongings that value more than £1,000, with 22% having belongings  with an aggregate value of over £5,000.

Upad founder James Davis stated:

It is madness that tenants are exposing themselves like this, regardless of whether they are trying to save money or, for some reason, think their landlord’s own insurance will keep them covered in the event of loss or damage to their property.

Tenants are far better served having contents insurance that they don’t need rather than finding out they badly need it at precisely the time when something goes horribly wrong. Remember that, even in a fully furnished property, tenants will still have plenty of their own belongings. If tenants are unsure about their level of cover they should check their insurance policy or with their letting agent or landlord.

During the tenancy application process, Paul Carr Residential Lettings recommend that our prospective tenants take out both contents cover for their personal possessions and also cover for accidental damage to the landlord’s contents (such as carpets).

We can assist our tenants in getting the appropriate cover and will provide a free no-obligation quote.

Further details can be found in our Tenants Guide available on our website.

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