Homeowners ‘do not have adequate insurance’

Up to one in five of Brits have no home insurance while a quarter do not know what their policy covers, according to a recent poll.

Findings from the Nationwide showed that many respondents are at the risk of being underinsured with 14 per cent of people admit to not have any contents insurance.

This is despite the average homeowner having home contents worth between £14,000 and £21,000.

Nationwide’s insurance director, Robin Bailey, said: “It is surprising that so many people are prepared to take such a gamble on their homes and personal belongings when you consider how much time and money we all invest in our homes.

He added that as consumers never know “what is round the corner”, they would benefit from being prepared by having adequate insurance.

However, the survey also showed that those aged 45 and over are more likely to have both buildings and contents insurance and claim to possess full knowledge of what is covered.

Meanwhile increasing numbers of homes are at risk from dangerous weather, Abbey Home Insurance has stated.

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Consumers advised to increase contents cover at Christmas

Generous Brits are reminded that, over Christmas, a significant increase in the value of their home contents will impact upon their insurance.

Rural insurer NFU Mutual reported that a recent online poll found 39 per cent of Brits reporting they would spend between £150 and £300 on presents over the festive season this year.

Meanwhile, 20 per cent said they would be spending in excess of £500 pounds on gifts for friends and family at Christmas.

A spokesperson for NFU Mutual, Laura Wood, said, “People do not consider the cumulative value of the gifts which they store or bring into their home during the festive season and it is vital that they remember that the value of these presents will impact on their home contents insurance.”

NFU Mutual set out a series of precautions that could help people prevent thefts at this time of year.

It states that, rather than hiding presents in cupboards, they should be stored in the loft, gifts should not be on display by an open or exposed window and radio and lighting timers could be set to create the appearance of occupancy while residents are out of the house.

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Don’t Skimp On Home Insurance

If you are worried about how much home insurance is enough, simply estimate the contents of your home and have your home market value appraised. Then shop around different companies for an insurance quote and make sure the amount is sufficient. For many people their home and the possessions it holds represents their entire life savings. Read more

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