Only half (51%) of private tenants have contents insurance, according to a YouGov survey commissioned by Paymentshield. It found a higher percentage (53%) had a subscription to Netflix. Of those with insurance, only 20% had a policy actually designed for tenants.

Rana Ali, director of distribution for lettings at Paymentshield, said: “There’s still a lot to do to educate tenants, of all ages, on the important of insurance, and prompt them to purchase it at a timely point in their rental journey.

“We’re working with partners in the rental chain to do just this, embedding our technology into their online platforms to automatically provide tenants with a quote, and offering monthly payment options that better align with consumer preferences. We really believe that when tenants see it’s cheaper than they thought it was, they’re much more likely to purchase.”

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