UK Money News
7th February 2008
Tenants 'neglecting' home contents insurance
Britons in rented accommodation are gambling with huge financial losses by failing to take out adequate home contents insurance, it has been revealed.
According to a survey conducted by Zurich Insurance, 37 per cent of renters, equating to around a million people, have no home contents insurance.
This is despite the fact that 33 per cent of respondents said the value of their possessions totals over £10,000.
The chief reason for skimping on insurance was the need to prioritise other financial commitments, with 56 per cent confessing that they saw paying bills as more important.
Steve Gilbert, home underwriting manager for Zurich Insurance, said: "At this time of year, when many households are still recovering from the cost of Christmas, home contents insurance is often seen by renters as non-essential, and can slip down their list of priorities.
"Be it funding other financial priorities, their lifestyles or even perhaps saving to get a foot on the property ladder themselves, they need to be aware that not having insurance could cost them dearly in the long run - especially if faced with the daunting prospect of replacing all their possessions."
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