Irish tenants are being urged to protect their homes as the number of families in rental accomation has soared.

Experts at www.insuremyhouse.ie say that traditionally those in rented accommodation have been less likely to insure their home contents, than those in owned homes. However, the lack of housing supply in certain areas of the country currently means that for many, buying their own home now seems like an unachievable aspiration. 

As a result, many families are creating a home for themselves in rented accommodation and amassing all the furniture, fittings and personal effects that come with making a family home.

Because of this, experts at www.insuremyhouse.ie say that it is more important than ever for tenants, particularly those that are past the student or young adult stage, to consider putting appropriate financial protections in place to protect themselves against risk. The home insurance experts believe that as much as 50% of renters may not be insured.

Approximately 312,000 (19%) households of the 1.65m homes in the State are rented, which is a 15% increase over the last 5 years. However, less than 10% of home insurance policies taken with www.insuremyhouse.ie is done so by tenants.

Speaking today, Managing Director at www.insuremyhouse.ie, Jonathan Hehir said, "According to the latest Residential Tenancy Board (RTB) figures, there are over 700,000 people in private rented accommodation at the moment, and given the current property market, many of these are likely to be there for the foreseeable future."

He added, "While previously renting had been viewed as the preserve of students and younger workers, we are seeing a greater shift in the profile of people renting, but the proportion taking out home insurance doesn’t appear to match the proportion in rental accommodation."

Source: www.businessworld.ie