Over 70% of Housing Executive tenants uninsured
Research carried out by the Housing Executive, which is landlord to over 80,000 homes across Northern Ireland, has found that over 70% of their tenants do not have contents insurance.
Furthermore, nearly 5% of tenants who participated in the research didn’t know if they had contents insurance or not.
Housing Executive Financial Inclusion Team manager, Alex Kapka, explained: “Unforeseen things can and do happen. From storm damage, theft, fire or flood, realising you don’t have contents insurance after an incident can have a huge impact on a household.
“While rental or home contents insurance isn’t a legal requirement, tenants who do buy this type of insurance have a financial safety net that can help replace belongings if they are damaged or stolen.
“Not many of us are in a position to be able to afford to replace our possessions should the worst happen.
“We are asking our tenants to think about everything they have in their home. From TVs and electronics to things like washing machines, beds and sofas. When you count up the value of these items, it can be surprising just how much your possessions can be worth. If you can’t afford to replace all your things should the worst happen, then it’s definitely worth considering buying contents insurance.”
With insurance policies available online, premiums or payments can cost from around £5 per month, providing cover of around £10,000 for personal belongings. This is a minor expense compared to the cost of replacing your possessions.
Alex continued: “All households across Northern Ireland, not just our tenants, are noticing price rises for services. However, a relatively small amount each month can provide you with financial protection, helping to replace personal belongings if something unexpected and stressful happens.
“Recently a homeowner in one of our estates lost most of their belongings in their home in a fire. They did not have contents insurance to replace their possessions. Thankfully, in this instance, the local community came together to support the family in their time of need. However, this type of support may not always be available to residents.
“We are reminding our tenants that while we are responsible for the actual building they live in, we are not responsible for the contents of their home. It is really important that tenants take steps to protect their belongings.
“Renters are just as likely as homeowners to be caught in a storm or impacted by theft. All renters and those new to the responsibilities of independent living need to understand the implications of not being insured.
“Tenants can safeguard possessions with contents insurance. For less than the price of a cuppa or an ice cream each week could protect the belongings that are most important to you.”
Visit our website for advice on how to easily protect your belongings and provide a cost-effective way to replace personal items.