J Sainsbury : 55% of renters don't have contents insurance according to Sainsbury's Bank Home Insurance research

Across the UK there are currently 14.8 million⁽²⁾ renters and new research from Sainsbury's Bank Home Insurance indicates that over half, 8.4 million⁽³⁾ of them are leaving themselves unprotected by not having home contents insurance in place.

Of those renters who do have contents insurance, less than one in five (16%)⁽¹⁾ take the time to compare the cost of different providers and then switch if they find a better offer. Homeowners are more proactive with one in five (22%) comparing the costs of providers and switching to a better deal.⁽¹⁾

Homeowners are also savvier when it comes to finding ways to save on their building and contents insurance, with over half (54%) of those with home or contents insurance having already or considering installing safety features to save money on their premium.

Karen Hogg, Head of Insurance at Sainsbury's Bank said: 'It's worrying to see that more than half of renters don't have contents insurance, so they wouldn't be compensated for the loss of their possessions if the worst were to happen.

'While homeowners are more proactive in comparing prices and switching, many people who do have contents insurance, could be missing out on a better deal as only 16% shop around when renewing their home insurance.'

The supermarket bank warns that insurers are unlikely to share how much of a saving will be achieved by adding additional home security, but that it goes without saying that homeowners who can prove they're taking due care of their property will usually be priced more favourably. Securing your property in this way will therefore not only deter thieves, but will also save you money in the long run.

Nectar card holders⁽⁴⁾who take out a Sainsbury's Bank home insurance policy can benefit further by first receiving money off their home insurance payments and also receiving double Nectar points on their shopping and fuel once their policy is in place⁽⁵⁾.

Sainsbury's Bank's comprehensive Home Insurance has been awarded a 5-Star Rating by Defaqto⁽⁶⁾, the independent financial research company. It provides combined buildings and contents insurance⁽⁷⁾, and includes buildings cover, contents cover and accidental damage coverage as standard, with the option to add personal possessions cover, home emergency cover, key cover and family legal protection.

Five tips for securing your home:

• Lights, camera, alarm: Installing safety features can help to protect your home from potential intruders, as well as saving you money on your home insurance.
• Take time to compare insurers:It may seem like a chore to spend time comparing what different home insurance providers are offering, however in the long term it could help you save money. Make sure the provider you choose covers everything you need, such as student cover for children living away from home.
• Search for an offer:Look for a provider who is offering a benefit or deal to the consumer. Sainsbury's Bank gives customers double Nectar points on their shopping and fuel, as well as a discount for Nectar card holders.
• Love thy neighbour:Making friends with your neighbours can prove to be a smart move. Having a trusty friend to keep an eye on your home when you're not in could benefit you greatly. For prolonged stays away from home you could also ask a friend or family member to house sit, which can be particularly useful if you have furry friends that will need taking care of while you're away.

Know what's in your home:When the time comes for taking out your insurance policy, take the time to walk round each room to make sure you know exactly what's there and needs to be included in your cover. For further information on Sainsbury's Bank home insurance, underwritten by a carefully selected range of insurers, call 0345 266 1603, visitwww.sainsburysbank.co.uk or pick up a leaflet in store.

For further information, please contact:

Sainsbury's Bank press office 0131 286 0010 /[e-mail]

Notes to editors:

This press release is information for journalists only and is not intended to be a promotion to be acted upon by consumers.

Rates and information correct at date of issue.

⁽¹⁾Sainsbury's Bank commissioned Opinium Research to survey 2,003 nationally representative UK adults aged 18+ between 18 and 20 September 2018. Opinium Research is a member of the British Polling Council and abides by its rules

⁽²⁾FCA's Financial Lives Survey 2017,https://www.fca.org.uk/publication/research/financial-lives-consumers-across-uk.pdf

⁽³⁾52,078,525 adults currently live in the UK (ONS), 29.35596% are renters, so 29.35596% of 52,078,525 = 15,288,150.97

55% of renters don't have contents home insurance, so 55% of 15,288,150.97= 8,408,483.032

⁽⁴⁾The discount is based on information related to you and the transactions you've made with Sainsbury's supermarkets and Sainsbury's Bank using your Nectar card.

Double Nectar points

• Only available to customers buying a new Sainsbury's Bank Home Insurance policy.
• You need to tell us your Nectar card number when you apply, and use this card with each Sainsbury's purchase.
• Double points begin on your policy's cover start date. If you don't tell us your Nectar card number until after your cover start date, double points will begin on the date you tell us.
• Double points stop when the policy is cancelled or you stop paying premiums.
• Each Nectar account can only collect points from one car insurance policy.
• It's only the base points you collect at Sainsbury's that are doubled. If you're taking part in the new Nectar trial, it's the points you get on new Nectar that are doubled. Bonus points won't be doubled, nor will any points from Argos, Habitat, Sainsbury's Bank (including travel money purchases), Sainsbury's Energy or any other Sainsbury's service.
• By the 10th of each month, you'll get a bonus point award equal to the total of your qualifying points during the previous month, up to a maximum of 20,000 points.
• Sainsbury's Supermarkets Ltd award the points from this offer.
• No cash alternative is available. Sainsbury's Bank reserves the right to alter, cancel or withdraw this offer without notice.

⁽⁶⁾ 5-Star Rating by Defaqto, the independent financial research company, 2018

⁽⁷⁾ We offer two levels of cover: home and home plus. Full product terms can be found on our website.

About Sainsbury's Bank

To view our latest press releases and product information, please visit the Sainsbury's Bank online media centre atwww.sainsburysbank.co.uk/media

Sainsbury's was the first major British supermarket to open a bank, commencing trading in February 1997. Benefiting from a fantastic, trusted brand that enables us to combine the shopping experience with personal finance, Sainsbury's Bank provides a range of quality products including insurances, credit cards, savings and loans. Our proposition is to make shopping more rewarding by offering customers great products at fair prices, while consistently rewarding shoppers for their loyalty and being easy to do business with at all times. Our products consistently top best buy tables and regularly win awards for quality, price and service.

Sainsbury's Bank plc. Registered Office, 33 Holborn, London EC1N 2HT (registered in England and Wales, no 3279730) is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (register no. 184514). Sainsbury's Bank plc is covered by the Financial Services Compensation Scheme (FSCS).