Insurance
Britain uncovered: 7.5m households without contents insurance
Guest Author:
Christina HoghtonOver a quarter of households – 7.5 million – have no contents insurance, revealed the Association of British Insurers, in its ‘Britain Uncovered’ study.
This leaves possessions worth over £266bn unprotected and at risk, said the trade body.
Unlike buildings insurance, which is compulsory with a mortgage, contents cover is completely optional – and unfortunately it seems that for many people it simply isn’t a priority.
Georgie Frost, consumer advocate at GoCompare, said: “When you consider that, for one in seven private renters, half their pay packet goes straight to their landlord, it’s not a surprise people are looking at where they can cut their outgoings.
“But consider this – pick up your home, turn it upside down, and give it a good shake – everything that falls out, plus your floor and wall coverings, are your ‘contents’. It’s not just your phone, TV or other high-value items. Could you afford to replace everything in the event of a burglary or severe damage, such as after a fire or flood? For most of us the answer is no.
Frost continued: “Good quality contents insurance can be pretty inexpensive too but make sure the cover is right for you, don’t just head straight for the cheapest policy on offer.
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“Consider whether you need accidental damage protection, cover for your items outside of the home – particularly useful for bikes, gadgets and jewellery – and check if you already have cover elsewhere first, such as through a packaged bank account or from your phone provider, for example.”