Almost one in 10 homes across the UK do not have any type of home insurance with housing association tenants more likely to be covered than private rented sector tenants, research has found.
It means that 2.4 million households are at risk losing their possessions, according to the latest insurance consumer index from the AA.
Some 33% of private renters have no insurance at all, with only 54% saying they have purchased contents insurance.
In comparison, just 27% of residents in housing association properties do not have any form of cover, with 64% having contents insurance.
One 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, it suggests.
When looking at the national picture 9% of households do not have any type of home insurance, leaving themselves vulnerable should their home be burgled, flooded or anything worse happen and 29% of low income households are not insured.
The location with the highest number without insurance is London at 15%, followed by the North West of England at 10%, and then the North East, Wales and the West Midlands all on 9%.
‘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,’ said Janet Connor, managing director for AA Insurance services.
‘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 yet 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,’ she added.
