Long-term renters should look at ways in which they can financially protect themselves, similar to mortgage holders, a leading insurance company has said.
With rents across the country now 8pc higher on average than their Celtic Tiger peak in 2008, Royal London has urged renters to consider protection against illness and death.
In Dublin, rents are an average of 13.7pc higher than in 2008, according to the Daft.ie rental price report 2016, while data from the 2016 Census shows that there were 469,671 households in rented accommodation in 2016, an increase of nearly 5pc from 2011.
“The profile of ‘renters’ in this country has changed significantly. Traditionally the renting group in Ireland was single people in their 20s and early 30s”, Joe Charles head of proposition at Royal London said.
“Now a growing cohort of families and individuals in their 30s, 40s and 50s are renting at a time when financial security and protection becomes more important as they grow older, settle down, and especially if they have children to look after,” he continued.
The company is advising long-term renters to review their financial capabilities and consider putting their own form of ‘rent protection’ in place, by taking out life insurance policies. They say a good comparable example is when people put mortgage protection cover in place.
“Those who are renting long-term should consider doing something similar to those with a mortgage, and put life and/or 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”, Mr Charles said.