Over a third of tenants (34%) would be immediately unable to pay their
rent from their savings if they lost their job, says Shelter (1) .
Yet just 11% of renters have insurance to protect them financially if they
couldn’t work (2) .
Unlike homeowners, who are usually advised on the benefits of protection
insurance when taking out a mortgage, renters have less exposure to financial
advice.
Having discussions about protection insurance with friends and family who are
renting could help to bridge this gap and ensure that more renters understand
the benefits.
If you have any friends or family members who rent and are interested in
income protection, please don’t hesitate to refer them to us for professional
advice.
As with all insurance policies, conditions and exclusions will apply.
(1) Shelter, 2023
(2) LV=, 2022
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