The majority of Irish renters do not have home insurance, according to a new survey.
Insurer Allianz commissioned research to find out renters’ understanding of what aspects of home insurance apply to renters.
The research showed that only 9% of Irish renters have home insurance.
It also found that 65% of renters did not fully understand what was covered with home insurance.
According to Allianz this exposes them to potentially serious loss in the event of theft, fire, flooding, or a visitor’s injury.
When asked what renters insurance was, less than a quarter understood that it was for insuring contents.
Irish renters’ confusion ranged from landowner insurance, to protecting their deposit and ensuring a fixed rental price or that the insurance would cover their rent should they be unable to pay.
As landlord insurance does not cover the contents of their tenants, having renter’s insurance is useful to protect renters from significant financial loss.
The research also found that women and renters aged between 35-44 years old were more likely to understand what was covered by renter’s insurance.
Younger respondents in particular admitted they did not understand what exactly renter’s insurance actually covered.
Renters with more disposable income were far more likely to have cover.
According to recent research from AIB, in Q1 2019 there were 356,500 properties privately rented in Ireland, an increase of 14,900 from the same period last year.
When it came to the make-up of renters, the research from Allianz found that 22% of people rent with their partner, while 27% are renting with their partner and children.
