Andrew Nevitt, Head of Co-op Renter’s Insurance, comments on the number of renters who do not have insurance cover for their belongings.

Research reveals the potentially large financial risk facing UK renters, as almost 1 in 3 admit to not having any form of insurance for their valuables, while a further 1 in 10 said they simply “didn’t know” when asked if they had cover.

The survey of UK renters, conducted by Co-op Insurance, highlights the potential financial ‘black hole’ tenants face across the nation, as one fifth of those asked estimated the total value of their possessions to be between £5K and upwards of £10K. However, worryingly, only 6% of those surveyed said they could replace this same amount ‘out of pocket’.

Andrew Nevitt, Head of Co-op Renter’s Insurance, said:

As our research shows, despite the large numbers of people in rented accommodation across the UK, many either simply don’t have adequate protection for their belongings in the first instance or are unsure if they do and what is covered.

Whether you are short term renting or for longer, it’s important to be aware that whilst your landlord may have their own insurance policy, this generally will not extend to covering the tenant’s personal belongings.

For peace of mind in knowing that your valuables are covered should anything happen, a good renter’s insurance policy can provide just that, as it’s basically designed to protect those things you would take with you when you move, whilst also offering flexibility that allows you to only pay for the months you need it, should you be planning to move, for example.

Full release: Financial Black Hole: Nearly a third of renters leaving valuables at risk with no insurance

✉️ David Evans, Co-op, david.evans@coop.co.uk