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Zurich
Insurance claims that UK Tenants are gambling with their possessions
– survey results published March 2008
According
to Zurich
Insurance UK tenants
are gambling nearly £8 billion of personal possessions by
not protecting themselves against crime or bad weather.
They
have reported that almost a million private tenants representing
37 per cent of those surveyed confessed that they have no
home contents insurance even though the fact that a third
said they estimate their personal possessions to be worth
more than £10,000 in value. Some have individual items worth
over £1,500.
In
the survey, 22 per cent admitted it would take over two years
to replace all of their possessions if they were damaged or
stolen. A third thought that they would never be able to afford
all of their personal belongings.
In
the survey one in ten tenants who do not have insurance believe
that their
landlord's insurance policy covers their contents which
would very rarely occur in reality.
A
quarter of those surveyed believe that their risk is simply
not high enough to make insurance worthwhile.
The
survey found that other financial commitments take priority.
These are paying bills fifty six per cent - debt repayments
thirty six per cent - pension contributions twelve per cent.
Other reasons for not taking out contents insurance were preferring
to spend money on holidays, new clothes and socialising.
Steven
Gilbert Zurich Insurance's home underwriting manager said"
Home contents insurance is often seen by tenants as non essential.
Be it funding other financial priorities, their lifestyles
or even perhaps saving to get a foot on the property ladder
themselves, they need to be aware that not having insurance
could cost them dearly in the long run - especially if faced
with the daunting prospect of replacing all their possessions".
Source:
Zurich Insurance March 2008
See
Also:
Zurich
Insurance claims that UK Tenants are gambling with their possessions
according to survey
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