Contents insurance a low priority for tenants

Almost three quarters of UK tenants are risking £50 billion of possessions because they have failed to take out insurance, it is estimated.

The Norwich Union conducted a survey, which also showed that more that half of under 25-year-olds were uninsured.

The survey showed, however, that more than four in ten young people were not worried that they might be burgled, and one third of people were not concerned that they would suffer a fire, or flood.

Jasmine Birtles, an expert in finance from Moneymagpie.com, was unsurprised by the high numbers of young people lacking insurance, blaming rising living costs (and, in some areas, increasing rent).

She explains: "Many of those lacking insurance are young professionals with large levels of disposable income spent on expensive luxuries, such as hi-tech goods or designer clothing. Some have little concept of how much their property is worth, and how attractive a target it is for burglars."

Homeowners may also need to check their policies too. Legal and General insurance has discovered that many people store quite high value items, such as furniture, in outbuildings such as garages or sheds. They also may be storing items for other family members.

It may be worth checking that your home insurance provider is aware of the true cost of replacing the items that are not inside the four walls of the home.

14/01/2008 13:08:20