Just one in three renters now bother with contents insurance putting their

Huge numbers of Britons who rent their homes could be at risk of losing out if their possessions are stolen or damaged, data reveals.

Fewer than one in three renters, some 31 per cent, have contents insurance, according to figures from Smart Money People, which says there is an information gap leaving millions ‘financially exposed’.

Across the UK there are around 5.7million renters, according to figures from the Office for National Statistics. More than a third have dependent children.

For younger renters, those under 25, as few as 10 per cent have contents insurance to protect their belongings. Among 25 to 34-year-olds, the figure rises to 17 per cent.

Contents insurance covers possessions against damage from accidents, fire and flooding, as well as from theft.

Unlike renters, homeowners have more to lose and so are more likely to make sure everything is protected. 

Renters, on the other hand, have a more temporary living situation are prove much less likely to take out contents insurance.

A fifth of renters are unsure of what insurance they need, while as many as one in ten renters said they expect their landlord to cover stolen or damaged items

Jacqueline Dewey, chief executive of Smart Money People, said: ‘Insurance isn’t just about possessions. 

‘For anyone with loved ones or financial commitments, protecting yourself is just as important as protecting your home.

‘Having the right cover in place gives peace of mind and can offer vital support if something unexpected happens.’

However, many choose not to insure their belongings, with around 11 per cent say they don’t think contents insurance is necessary, rising to 16 per cent among the youngest generation of renters.

Similarly, 14 per cent said their belongings aren’t ‘worth anything’, while 16 per cent said they cannot afford to insure their possessions.

Figures from 2024 indicate that the average household contains belongings worth as much as £58,210, according to Aviva – although this is likely to be a smaller figure for renters,

Matt, 25, from London, told This is Money: ‘I’ve never really thought about getting contents insurance – I assume it is fairly expensive and and I don’t have many things of huge value, so it doesn’t seem worth it.

‘I don’t think the risks of not being covered are that high. I’ll probably consider those risks more when my circumstances change and I may well think cover is worth it when I am living somewhere else and have more valuable belongings.

‘It is probably worth reassessing the risk and need for insurance each time my circumstances change.’

In 2024, there were more than 250,000 burglaries across the UK, and while there is a decreasing trend in instances of theft, home flooding due to natural causes is increasing and there is always a risk of other flooding and fire.

On the other hand, much of this lack of insurance protection appears to stem from confusion and a lack of understanding over what landlords are required to cover.

A fifth of renters are unsure of what insurance they need, while as many as one in ten renters said they expect their landlord to cover stolen or damaged items, despite landlords only actually being responsible for buildings insurance and structural issues.

Dewey said: ‘There’s a clear misconception about who covers what. Landlords are responsible for insuring the building itself and will typically deal with issues such as boilers, electrics or plumbing.

‘However, a tenant’s personal belongings are their own responsibility. Without contents insurance, renters risk being seriously out of pocket if their items are stolen, damaged or destroyed.’