Research from the price comparison service Comparethemarket suggests that 48% of renters do not have contents insurance.
Of these, more than two-fifths sacrificed it in order to save money.
Some 54% of tenants who have ever lost, damaged or stolen items say the value of their impacted possessions is over £200. For more than one in five renters, that figure rises to over £500.
Nearly a fifth of renters don’t buy inventory insurance because they mistakenly believe their landlord’s home insurance policy covers their personal belongings.
Website director Alex Hasty says: “The current cost of living crisis is putting a strain on the finances of many people. As a result, many renters are having to cut back not just on luxuries, such as dining out, but also on essential expenses, such as contents insurance, to help ease the burden of soaring living costs.
“As household bills and inflation continue to rise, we understand that people will be looking to cut back on their expenses during this difficult time. However, not having coverage on personal property in your rental property could be costly, if these items are unfortunately misplaced, stolen or damaged.
“To help people find a good deal on their home insurance, we encourage them to shop online. We also suggest renters compare policies on existing bills, such as car insurance, to ease wider financial pressures. Households could save an average of £150 if they opted for the cheapest car and home insurers. »