Just under half of renters do not have contents insurance in place for personal possessions, and third say this is because the rising cost-of-living means they cannot afford to do so.

This is despite more than half of renters admitting they had suffered loss of possessions through theft or damage.

The figures come comparethemarket.com which said the lack of insurance is putting tenants at risk significant costs.

 Landlords are responsible for buildings insurance but not for tenants’ contents insurance – although almost a fifth of tenants think they are, according to comparethemarket.com.  

‘The continuing cost-of-living crisis is placing a substantial strain on many people’s finances. As a result, many renters are having to cut back not only on certain luxuries, such as dining out, but also on critical expenses, like contents insurance, to help relieve the burden of soaring living costs’, said comparethemarket.com director Alex Hasty.

‘As household bills and inflation continue to rise, we understand that people will be looking to cut back on expenditure during this difficult time. However, not having cover on personal possessions within your rental property could be costly, should these items unfortunately be misplaced, stolen or damaged’.