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Skimping on insurance could cost big bucks in long run

Skimping on insurance could cost big bucks in long run

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Date Published : Wednesday, April 23, 2008

As rental prices on properties increase rapidly, many tenants are looking to save money in order to pay their landlord every month.

However, a recent study found that many renters are moving in to their new place without taking out home insurance - due to the rising rental prices forcing them to save money at any opportunity.

The research by AAMI found that just 57 per cent of renters had taken out home contents insurance for their goods, compared to 98 per cent of those who own their own home.

Furthermore, the situation was described by the insurer as even more worrying as many of those that had taken out home insurance had insured their home contents for much less than their full total - in order to avoid high premiums.

This means that many people renting are under-insured in the event of an emergency or a disaster beyond their control.

AAMI public affairs manager Geoff Hughes said: "Renters are increasingly looking for ways to save money to afford higher rents, which is forcing many to cut discretionary spending on insurance.

"Despite renters being more apprehensive than homeowners about leaving their home unattended while on holidays, they are still likely to engage in behaviours that put their belongings and valuable at greater risk."

Currently, Allianz home insurance gives new customers a total saving of up to 43 per cent on its coverage, when they buy new home insurance policies online.

Compare insurance providers and apply for the best deals online.ADNFCR-1411-ID-18564399-ADNFCR

 

 

 

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