Failing to get cover, however, could leave you out of pocket should belongings in your home be lost, stolen, or damaged. The survey found the average value of personal possessions which renters claimed for on their contents insurance was £888.
Here, Which? takes a closer look at what contents insurance offers renters.
What is contents insurance?
If you are renting, it's the landlord's responsibility to take care of any damage to the property - usually through specialist landlord's insurance - but it's up to you to insure your own belongings against theft and damage.
protects any items you would take with you if you moved home. So that includes furniture, electricals, kitchenware, clothes, and jewellery.Insurers will usually cover for items stolen during a burglary and damage caused by fire, storms, or flooding. It won't, however, cover for things like wear and tear, possessions left outside the home, and expensive belongings that exceed your standard policy’s single-item value limit. It also won't pay out if a burglary didn't involve a forced entry - for example, because you didn't lock the door properly or left windows open.
Find out more:How much does it cost?
Compare the Market's latest survey found 49% don’t have contents insurance and it appears that the price of premiums is putting many people off. A sizeable 30% of respondents said other living costs were the main reason for not taking out cover, while 28% of renters said they simply can't afford it.
With the latest figures from the Office for National Statistics showing the average private rent rose by 8.9% in the year to April 2024, money is an understandable concern. Taking out contents insurance may not cost as much as you think, however.
The latest figures from the Association of British Insurers - based on the price paid by customers - showed the average cost of contents-only cover was £132 in the first quarter of 2024.
Ultimately, the cost will very much depend on factors such as the size of your home and the level of cover you need. Find out more:Should you buy specialist renters insurance?
When searching for a policy, you will probably come across a number of providers that offer specific cover for renters, sometimes known as tenants’ contents insurance. In truth, however, there is no real difference between products marketed towards renters and any other contents-only insurance.
Tenants cover may not be any cheaper either. After running a quote online for NatWest's renters insurance, we were given a price of £145.60 for an annual premium, covering up to £25,000 and with a £250 excess.
with a policy score of 55% for contents insurance.Check if you're already covered
Before you fork out for contents insurance, check to see if you're already covered.
Other forms of insurance that may already protect some of your possessions at home include gadget cover or mobile phone insurance.
If you're a student, an alternative way to get cover is by extending your parents' home insurance policy. As long as your permanent address is your parents' home, it may be possible to get your contents insured against theft or loss.
Also be mindful not to take out more cover than you actually need. Most policies come with optional features that can be added or tweaked to ensure the cover meets your requirements.
For example, you can take out extra cover for accidental damage to your own belongings. For example, spilling red wine on a sofa. Or add legal cover that allows you to get professional advice for a range of common disputes and claims, such as personal injury.
Remember, the more you add, the higher the cost of your premium. So think carefully about your own needs.
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source https://www.which.co.uk/news/article/do-renters-need-contents-insurance-a1IjX6f8k1mX