Over a third of tenants (34%) would be immediately unable to pay their rent from their savings if they lost their job, says Shelter1.
Yet just 11% of renters have insurance to protect them financially if they couldn’t work2.
Unlike homeowners, who are usually advised on the benefits of protection insurance when taking out a mortgage, renters have less exposure to financial advice.
Bridging the gap
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