Up to 350,000 people in rental accommodation with no insurance!

Jonathan Hehir

A study conducted by insuremyhouse.ie indicated that up to half of the 700,000 Irish people living in leased houses and apartments have no insurance cover.

Recent figures suggest over 700,000 people in Ireland live in rented accommodation. The number of people renting their home is growing consistently and looks set to continue given the current supply/demand situation within the housing market.

The traditional rental demographic has been students, young professionals and young couples in their 20s and early 30s. However, that demographic is broadening to encompass individuals and families in their 30s, 40s and 50s, who often acquire belongings comparable in value to those who own their own homes.

Just 10 years ago, the dominant profile of tenants in rental accommodation comprised people who were transitioning from living with their parents to owning their own home and were spending 3 years or less renting, typically with less than €5,000 worth of belongings.

With a high proportion of tenants now classified as long-term, many have acquired substantially more possessions along the way and could stand to lose an average of €25,000 or more in the event of a fire, flood or other major incident.

Many might assume content insurance to be prohibitively expensive, but it is surprisingly affordable, with typical costs averaging just €150 for 12 months contents cover to the value to €15,000.

As one of Ireland’s largest insurances brokers, insuremyhouse.ie caters for both tenants and property owners. So for 2017, we would advise you not to underestimate the value of your possessions and to arrange some cover to protect your home and belongings.

Update: 28 February 2017

Jonathan Hehir of insuremyhouse.ie, spoke to the Irish Independent's business and personal finace expert Sinead Ryan about the need for contents insurance for renters. He answered a very relevant question:

Q. I'm renting a house with two friends. We're all in our 30s and we do like to spend money on ourselves, so we have really nice stuff which we share like laptops, designer clothes and some nice jewellery. We all work in good jobs and are out during the day. We had an attempted break-in last week, although nothing was taken as they were scared off by a neighbour. Our landlord tells us the insurance he has on the property is sufficient, but how do we know? Is it possible to get a policy ourselves?

A. Yes, it is. In fact, it's vital. Firstly, ask the landlord for a copy of the home contents policy, so you can see for yourselves. It's important that the rental is noted, as a claim may not be supported if the insurer thinks the landlord lives there themselves.

You have amassed lots of valuables so it is important to have them covered. According to the latest Residential Tenancy Board (RTB) figures, there are over 700,000 people in private rented accommodation and, given the current property market, many of these are likely to be there for the foreseeable future.

While previously, renting had been viewed as the preserve of students and younger workers, we are seeing a greater shift in the profile of people renting, but the proportion taking out home insurance doesn't appear to match the profile of those in rental accommodation.

Less than 10pc of home insurance policies taken with us are to tenants. Those who have a greater exposure to content risk are leaving themselves open to a huge financial shock if they do not have the necessary cover in place. You can expect to pay between €100 and €150 per annum for contents up to €15,000.

For a great value content insurance quote, please call us on 01 603 2999 or click the button below to send us an email.

  

Article sourced from http://www.dublinlive.ie 

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