Generation Of 'Risky Renters' Ignores Home Insurance

Young renters apathy towards home insurance cover is causing them to leave thousands of pounds of electronics and other personal goods at risk, says a new home insurance survey.

A third of people aged between 25 and 34 rent their homes, a generation that home insurance companies have dubbed 'risky renters’. And on average, each of the properties contains uninsured big-ticket items such as iPods, laptops, PCs and flat screen TVs to the value of around £17,500.

As house prices push owning a home ever further out of the reach of many young people, nearly half of young renters fall into this 'risky renter' category, opting for the short sighted approach of 'saving' money by ignoring home insurance risks. A sizable number also said that they had believed that home insurance was the responsibility of their landlord.

The risk of burglary is greater than ever for young renters as university debts often dictate the areas in which they can afford to live and the level of security available.

One in five expects to be burgled in the next couple of years, with 21 per cent blaming insufficient security such as alarms and locks, and 26 per cent their insalubrious neighbourhoods, for the increased risk of theft.

“It is a popular misconception that a landlord’s policy will provide cover for tenants in the event that their possessions are damaged or stolen. Most don’t, which means that many renters, and new graduates in particular, are potentially exposing themselves to unnecessary economic hardship and expense for the sake a few pounds a month,” stated a home insurance spokesman.

"Insurance cover will not necessarily be expensive, and in the event of a burglary, will almost certainly be more cost effective for new renters than having to replace lost or stolen goods themselves," he concluded.

If you would like to know more about property why not ask AnswerBank Home and Garden.

If you would like to view search results for Property Rental click here.