Imagine you have a saxophone and a laptop, a wardrobe full of designer clothes and some original artwork in your room. You should probably have those possessions insured, but you don't own your own home so you can't get home and contents insurance.

The increasing number of people stuck in the rental sector will find it difficult to get an insurance company to cover them. Underwriters do not like flats or shared houses, so most insurers are not courting this market, and may need to be persuaded to take the business on.

Possibly the only insurer that is actively promoting possessions insurance to the rented sector is www.getcover.ie. Its product is available to students and professionals in rented accommodation who want to cover their belongings. The basic premium is £18 a year and it can all be arranged online.

"We can afford to offer this because it's a neglected market and we have the benefit of saving through an online offering," managing director, Finbarr Crotty, said.

The underwriter, the Independent Insurance Company in Britain, has experience of providing the same cover all over the UK and, according to Mr Crotty, knows the difference between a fraudulent and regular claim.

Getcover.ie defines personal possessions as clothing, personal furnishings, photographic or audio-visual equipment and similar items of personal use or adornment, including books and similar university property on loan or belonging to the insured.

Cover for computers and software, palmtop and laptop computers, sports equipment, musical instruments and bicycles must be selected separately and costs extra.

Possessions are insured for their full value on a new-for-old basis, except for linen and clothing, where a deduction is made for wear and tear.

The final cost does add up if everything is being covered. A computer is an extra £18 per annum, while laptops are more expensive at £24. Sports equipment or musical instruments can be covered for £6 and a bicycle is an extra £30.