NEW research from CompareTheMarket has revealed two in five renters are not insuring items due to the cost of living crisis.

48 per cent of renters do not have contents insurance in place for personal possessions, and of those, 44 per cent aren’t doing so in a bid to save money as the cost-of-living rises, according to data.

54 per cent of renters have had over £200 worth of their items either lost, stolen or damaged and 18 per cent of renters mistakenly believe that their landlord’s home insurance policy covers their personal belongings.

Andy Auld, chief executive of Citizens Advice Carlisle and Eden, said: "We know how hard it is for people to make ends meet in the cost of living crisis.

"Our advisers are helping people every day who are trying to balance their budgets amidst rising prices.

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"Lots of things that might traditionally be thought of as necessities - like insurance - are being really squeezed right now.

"Citizens Advice can help with debt, benefit and energy issues and much more so we would advise any person struggling at this time to contact their local office for advice. 

"However, the scale of this crisis must not be under-estimated. That's why we think there needs to be more targeted support from the government to help people who find themselves at the sharp end of this crisis."

Alex Hasty, director at comparethemarket.com, said: "As household bills and inflation continue to rise, we understand that people will be looking to cut back on expenditure during this difficult time.

"However, not having cover on personal possessions within your rental property could be costly, should these items unfortunately be misplaced, stolen or damaged."

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