Compared to 10 years ago the number of young people (aged between 24 and 34) renting homes has shot up. In 2004, almost 60% owned their own home. These days, it’s just 36%.
Rises in house prices are the main culprit in causing this trend, with nearly half of this age group, known as ‘generation rent’, renting from private landlords.
Although I’m sure many of these renters would prefer to own their own place, they still need to treat their accommodation like any other long-term abode.
With that in mind, any home and its contents need to be protected. In the case of renting, tenants need to ensure their possessions are insured – just as they would if they lived in a home that they owned.
But many renters don’t realise there is a difference between tenants insurance and contents insurance. The latter might be taken out by the landlord but restricted to furnishings in the flat or house – a tenant’s personal belongings may be excluded.
This is when tenants insurance comes in; it covers possessions including those taken away from the home like phones, laptops, tablets, sport equipment and jewellery.
Together, the value of all such these items could really add up, and tenants could regret not investing in insurance if any were destroyed, stolen or damaged.
I can help you look into policies – give me a call on 01223 266140.