We often take out protection insurance such as income protection or critical illness cover following a significant life event, such as buying a home or having a child. But what if you’re renting?
Less than 10% of tenants have protection insurance in place to cover their rent if they were unable to work3 . By contrast, 58% of mortgage holders have life insurance, while 28% and 12% have critical illness or income protection cover, respectively* . Meanwhile, a study from Shelter suggested that 45% of renters would be unable to afford more than a month’s rent if they lost their income.
Protection makes sense
It may be another monthly outgoing, but income protection insurance is well worth the cost and is often less expensive than people might think. It works by providing an income (typically a percentage of your usual monthly income) to cover expenses such as your rent and bills while you are unable to work, reducing stress and improving your ability to withstand financial shocks.
What about your possessions?
A recent study revealed that two million privately rented households (48%) have no home contents insurance. While 19% mistakenly believe this is their landlord’s responsibility, others are put off by the monthly cost. However, with property contents averaging £25,126, it’s well worth having** .
Speak with us
If you’re renting and unsure about the insurance cover you need, we can help you to arrange suitable protection insurance cover that will improve your ability to withstand unexpected events.
* Hymans Robertson, 2019,
**Nationwide, 2021
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