8.4 million renters in the UK do not have home contents insurance in place, Sainsbury’s Bank Home Insurance has said.
They represent over half of the 14.8 million people currently renting around the country.
Of those renters who do have contents insurance, 16% take the time to compare the cost of different providers and then switch if they find a better offer.
Homeowners are more proactive with 22% comparing the costs of providers and switching to a better deal.
Homeowners are also savvier when it comes to finding ways to save on their building and contents insurance, with 54% of those with home or contents insurance having already or considering installing safety features to save money on their premium.
Karen Hogg, head of insurance at Sainsbury’s Bank, said: “It’s worrying to see that more than half of renters don’t have contents insurance, so they wouldn’t be compensated for the loss of their possessions if the worst were to happen.
“While homeowners are more proactive in comparing prices and switching, many people who do have contents insurance, could be missing out on a better deal as only 16% shop around when renewing their home insurance.”