Royal London Assurance-Rent Insurance

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Royal London has urged people in long-term rental accommodation to “look at ways they can financially protect themselves similar to mortgage holders”.

The head of proposition at Royal London, Joe Charles, said many of the approximately 850,000 people living in rental accommodation in Ireland did not have the financial clout to buy their own home, would be in rented homes long-term, and therefore should seriously consider insuring themselves to provide protection for their homes.

“This leaves those families in long-term rental accommodation in a potentially precarious position,” said Mr Charles.

“For example, if the breadwinner were to become seriously ill or pass away without appropriate cover their family may struggle to maintain rental payments in the long-term.”

He urged renters to put life and specified serious illness cover in place, “to ensure their rent and other ongoing expenses will continue to be paid for their family should anything happen to them”.

Royal London said that, according to its data, just 40% of the Irish population has life cover, which it believed meant much of the remaining 60% may be renting.

Mr Charles added: “No one really likes to consider issues relating to their own mortality, or what would happen to their family finances if they were to becomes seriously ill or die. But it’s important that they do, especially if they have a family to consider and their ongoing financial needs, such as rent payments.”

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