Zurich Insurance: Renters are risking a financial hit

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Zurich Insurance: Renters are risking a financial hit

Almost a million private renters, or 37 per cent of those surveyed by Zurich, have admitted that they have no home contents insurance.

That is despite the fact that 33 per cent of private renters surveyed estimated their possessions to be worth more than £10,000 in value and a similar number said that they would never be able to afford to replace all of their personal belongings.

The reasons for this vary - one in ten renters mistakenly believed that their landlord's insurance policy would cover their contents, while a quarter felt that their risk is simply not high enough to make insurance worthwhile.

For others financial issues took precedence, with respondents citing pressures of paying bills, debt repayments and pension contributions as more important than getting contents insurance.

Steve Gilbert, home underwriting manager for Zurich Insurance, said that "home contents insurance is often seen by renters as non-essential and can slip down their list of priorities".

However, he warned renters that not having insurance could "cost them dearly in the long run" and urged everyone to get insurance cover.

A recent study from Which? said that life insurance and separate cover for cars, buildings and contents was vital, but argued that other cover such as ID theft insurance was as good as useless.
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