The number of people renting in the UK is growing all the time. Yet according to a report1, less than 10% of tenants have individual protection in place to cover their rent if they were unable to work due to illness.
This compares to 58% of mortgage holders who have life insurance, 28% who have critical illness cover and 12% with income protection insurance2.
Valuable protection – With figures from Shelter revealing that 45% of renters would be unable to afford more than a month’s rent if they lost their income3, having the right protection in place is crucial. It could also be less expensive than you think. Income protection cover typically pays out a percentage of your monthly income and can be used to pay your rent and bills should you be unable to work for a length of time.
Don’t forget your possessions – Figures4 show that over two million privately rented households (48%) do not have home contents insurance. Nearly a fifth of renters mistakenly believe it’s their landlord’s responsibility, while many others are put off by the monthly cost. However, with property contents averaging £25,126, it’s well worth having.
Get covered – If you’re renting, get in touch and we can arrange suitable protection insurance for you.
As with all insurance policies, conditions and exclusions will apply.
1Hymans Robertson, 2019, 2Aviva, 2019, 3Shelter, 2019, 4Nationwide, 2021
Catch up on our other blog posts:
Equity Release in Southampton
We recently helped a 65 year old client in Southampton release equity from his home. Retired and with little savings, he found himself needing to access capital to help fund a recent separation, along with needing funds to by a new car, renovate the home, and then...
Green mortgages still causing confusion
A recent survey1 has shown that four in five people have no understanding of green mortgages. The terms of each individual deal differ, but typically lenders offer enhanced mortgage deals, for example lower interest rates or cashback, to qualifying homes....
Renting? Don’t forget income protection
There is a natural connection between protection and homeowners, but new research suggests that renters could in fact gain more from the benefits of cover. Rent rise The number of households renting privately in the UK rose by 63% in the decade to 20171, reaching an...
(Your home may be repossessed if you do not keep up repayments on your mortgage)
We charge a fee for arranging and advising you on the mortgage. The fee will be dependent on your circumstances but will not exceed £499. (Our typical fee is £299.)
For Lifetime Mortgages/Equity Release the fee will be £799.

Our mission is to provide honest mortgage advice, whilst helping you save money.
Get in contact
Flexible appointments
Or call —02380224925