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Study Reveals UK Renter’s Views on Contents Insurance


Recently Trōv partnered with The Tenants Voice, UK’s largest tenant community, to conduct a study on the behaviors of UK renters and their perspective on contents insurance. Four thousand five hundred of The Tenant’s Voice renter-members were asked a series of questions regarding their attitudes towards contents insurance. The study provided detailed insight into the UK rental market and highlighted the importance of educating and offering insurance. Furthermore, the data reveals the number of people who insure their property’s contents, their reasons for not doing so, and their personal history of insurance claims. Read on to see the full results and what the study reveals about contents insurance in the UK.

Nearly half of UK renters do not own contents insurance.


Own Contents Insurance-1

 

Of the 56% of UK renters with contents insurance, only 43% have ever filed a claim.


Made a Claim-1

 

There are a few key reasons why UK renters purchased contents insurance: 


Key Reasons-1

 

The few main reasons why nearly half of UK renters have not purchased contents insurance:


Why not-1

 

The study also asked what the most likely sources for purchasing contents insurance were. 

  • 34% said a price comparison site 
  • 25% said a bank
  • 18% said their landlord or property management company
  • 16% said directly from an insurance company with which they are familiar
  • 5% said an itemized insurance provider (i.e., only insuring a specialist item)
  • 2% said a company’s financial services offering (e.g., John Lewis Finance)
  • none cited a specialist insurance broker

Sources for purchasing-1

With property managers and landlords desperate to avoid surplus charges and levies, there has never been a more critical time to ensure that tenants’ belongings, memories, and keepsakes are adequately covered in case of an incident. In addition, given the increasing financial pressures on today’s renters and the relatively low cost of a renters insurance policy, this solution provides a win/win for the modern renter. Embedded insurance allows modern proptechs, property management companies, and landlords to provide a highly beneficial product to tenants while generating recurring revenue and increasing customer loyalty and value.

 
How embedded renters insurance works at Trōv:

Trōv enables companies to easily embed Renters Insurance into an existing brand or product experience. Trōv provides two implementation approaches: Embedded via API or end-to-end White-label. For companies looking for a ‘plug & play’ solution to rapidly get to market, Trōv’s custom branded white-label solution gives partners everything they need to distribute insurance without worrying about many of the insurance and technical hurdles. This includes policy onboarding, management, claims, and reporting. For a more integrated and customizable experience, partners can leverage Trōv developer-friendly APIs and UX libraries to get to market quickly and effectively. Furthermore, partners can play an active role in defining the most suitable coverages for their community of customers.

 

If you are interested in learning more about our embedded Renters Insurance product and how it can help you, drop us a line here!