Long term renters urged to look at protection similar to mortgage holders


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,”.

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Source:  Independent.ie