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PRS Tenants Don’t Believe They Need Contents Insurance


Thursday, December 18, 2014

PRS Tenants Really Do Need Contents Insurance

PRS Tenants Really Do Need Contents Insurance

PRS Tenants Really Do Need Contents Insurance

New research conducted by the Co-Op has discovered that up to 30% of private rented sector (PRS) tenants don’t have any form of tenants contents insurance covering their personal possessions at all, and with the festive season almost upon us, the lack of suitable insurance could become very costly for tenants.

The survey found that the three most common reasons private rented sector tenants gave for having no contents insurance cover was:

  1. As tenants, they believed that they couldn’t afford it
  2. Many tenants did not believe they needed contents insurance as they didn’t have expensive belongings
  3. Tenants believed that they didn’t need insurance as they rent rather than own propertyThe Co-Op research also revealed that the average value of contents estimated by tenants was around £16,644 (GBP), while for property owners this figure doubles to £31,651 (GBP).

Industry findings show:

  • Claims for theft of contents now average £1,700 (GBP) per claim
  • Claims for contents damaged by fire average £11,000 (GBP) per claim
  • Claims for accidental damage amount to around £550 (GBP) per property.

The research also found that around 10% of PRS tenants have actually stopped paying out to insure their rented home and their personal possessions over the last five years, compared to just 6% of property owners.

The main reason tenants gave for dropping contents insurance was to save money.

Many local police forces report an increase in thefts from property during the festive season, and tenants can protect their possessions for less than £6 per month

Legal 4 Landlords low cost tenants contents insurance has been especially designed to protect the tenant’s own personal possessions whilst living in rented property with a simple fixed fee pricing structure that ensures tenants can be protected immediately for a full 12 months.

Tenant Contents Insurance cover includes:

  • Theft or attempted theft
  • Mobile phone (if requested)
  • iPods and iPads (if requested)
  • Television and television equipment
  • Game console and video systems
  • Laptop up to £500 (if requested)
  • Flooding, storm, weight of snow
  • Fire and smoke damage
  • Jewellery including watch cover up to £500
  • Key replacement for lost keys
  • Fridge/Freezer cover – loss of food
  • Lightning, explosion, earthquake

 

Don't Delay - Call Legal 4 Landlords Today! - 0844 567 9002

Don’t Delay – Call Legal 4 Landlords Today! – 0844 567 9002


This was written by Mike Clarke. Posted on at 11:30 am. Filed under Insurance. Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , . Bookmark the permalink. Follow comments here with the RSS feed. Both comments and trackbacks are currently closed.