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
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(Your home may be repossessed if you do not keep up repayments on your mortgage)
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