Research from the insurance group found nearly half (42%) of 20-35-year-olds are prepared to rent for at least a decade before becoming homeowners.
And official figures confirm the trend; 2011-12 saw a 58% increase since 2005 in the number of households that are privately rented in England.
Dan Harrison, Managing Director of UIB, stresses the shift in attitudes towards property ownership does not negate the need for comprehensive insurance.
He explains: "Although most people understand the importance of mortgage protection, ensuring tenants also have a back up plan if their income stops is vital too.
"At UIB we offer working families a range of common sense insurance policies designed to keep them afloat financially, whatever the future holds. Payouts could help to cover rent or other living expenses."
