The latest AA Insurance Consumer Index (ICI) has reported that housing association tenants are more likely to have home insurance when compared to private renters.
33% of private renters have no insurance at all, with 54% saying they have purchased contents insurance.
27% of residents in housing association properties do not have any form of cover, with 64% having contents insurance. The report said tne reason that a housing association tenant is more likely to have home insurance compared to a private renter, may be due to the housing manager recommending in-house contents insurance cover to their clients.
A clear majority of homeowners, regardless of their mortgage status, have insurance with only 1% not having any form of home insurance.
Nationally, 9% of homes do not have any type of home insurance, leaving themselves vulnerable should their home be burgled, flooded or anything worse happen.
29% of people in low income households say they do not have any home insurance.
Janet Connor, managing director for AA Insurance services, said: “It is worrying that 2.4 million households risk losing it all as they have no home insurance.
“The widely reported high cost of private rent, may be a reason why renters are not buying any form of cover. With three in 10 low income households saying they do not have insurance, it is possible they see insurance as a ‘nice to have but cannot afford’ purchase.
“For less than £1 a week, renters can give themselves and their possessions protection and peace of mind regardless of how they got damaged, lost or stolen.
“Rather than have nowhere to turn, we want every household to have some form of insurance cover, as anything can happen.”