• One in two renters (49%) does not currently have a contents insurance policy
  • Many renters without contents insurance do so either to save money (30%) or they can’t afford the insurance (28%), while 20% don’t see their contents as valuable enough to warrant insurance
  • However, renters who have had a personal possession lost, stolen or damaged value those items at £888 on average
  • The typical premium for an annual contents insurance policy though Compare the Market costs less than £64, as of March 2024


Almost half of renters in the UK (49%) do not have a contents insurance policy, according to new research from Compare the Market. In comparison, only 11% of homeowners don’t have contents cover.

The main reason renters don’t have contents insurance is to save money, due to their other living costs (30%). Other reasons include renters not being able to afford the insurance, which is not legally required (28%), and renters not deeming their contents valuable enough to need insurance (20%).

Of those with a contents insurance policy, almost half of renters (41%) have it for their peace of mind, while others indicate they purchased a policy because they see the value of the protection (39%), or they have specific valuable items that they want to insure (21%). More than one in four (27%) bought contents insurance because a friend or family member recommended it.

While nearly half of renters (49%) indicate they have never had a personal item stolen, lost or damaged, many renters unfortunately do recall such incidents. The table below shows the most common items stolen, lost or damaged while living in a rented property.


Item Stolen/Lost/Damaged in a Rented Property


Mobile phone








Wallet/cash/credit or debit cards



Fortunately, the majority of renters (81%) who have had something lost, stolen, or damaged said that some, if not all, of those possessions were covered by contents insurance. On average, the personal possessions in question were valued at £888.

Despite most renters generally understanding what contents insurance is, how it works and what it covers – only one in three people (39%) admit they fully understand the nuances of their cover.

Helen Phipps, Home Insurance Expert at Compare the Market, commented: 

“It’s encouraging that most renters recognise the importance of contents insurance. However, due to expensive living costs, many are trying to save money by not taking a policy out. For people in a financial position to do so, purchasing this insurance could help you avoid the substantial cost of replacing possessions. It typically covers your personal belongings, should you be subject to events such as theft or damage. Contents policies may also include tenants’ liability cover which offers financial protection if you accidentally damage anything that belongs to your landlord, such as carpets or furniture.


“We’d encourage renters to compare different levels of cover and prices before purchasing a policy. It’s also a good idea to encourage any friends or family members who rent to consider looking for contents cover to ensure they have protection for their possessions.


For more information on contents insurance for renters, visit: https://www.comparethemarket.com/home-insurance/rental-contents/


Data sourced from 2,041 Nationally Representative Respondents (18+) of Renters and Homeowners (50/50) between 12/04/2024 – 15/04/2024.


[1] 51% of our customers were quoted less than £63.57 for their contents home insurance in March 2024.


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