“Generation rent” has found its way into our lexicon because increasing numbers of young people are long-term renters rather than homeowners. The property ladder is simply out of reach for many. Since 1993, house prices have risen significantly faster than income and there is a shortage of affordable homes on the market.
In London, the number of people who rent now exceeds those who own their homes.
Generation Rent in numbers
According to a PwC UK Economic Outlook report, the growing trend of renters is set to continue and is projected to rise by 14.5% over the next 10 years. Private renting is expected to jump from 9.4% of national households to 23.9% by 2025. This jump is largely due to many millennial’s struggling to afford the average UK property price of £255,216 (as of April 2018 – ONS).
Does renting make a difference to insurance cover required?
You can cover the contents that you own. Contents insurance is designed to protect your personal belongings inside your home against loss, damage by theft or attempted theft, water leakage or flood damage, fire, explosion or natural disasters.
CASE STUDY: Summer Henderson.
Summer is a young freelance professional living in West London. She is a designer and photographer. Summer is renting a property and sometimes works from home. Occasionally, Summer works at in offices when visiting clients and working freelance shifts. She needs her camera and iPad pro with her most of the time. She travels by tube across London and she sometimes feels vulnerable having to carry her expensive equipment and personals belongings.
CASE STUDY: James Renton.
James is a journalist and travels to different countries often. He carries a laptop with him wherever he goes around the globe, to write articles or update his travelling blog. His laptop has been stolen and damaged in the past.
Insure Now has a Contents Insurance to suit millennial renters. All those that are renting a house and want to insure their belongings are covered by our Tenants Contents Now.
We cover your bike, jewels, watch, laptop, tv, mobile, tablet, bags etc.
Need a quote? Get in touch