Just over a quarter of people (26%) do not have contents insurance, according to Go.Compare.

The comparison site surveyed over 2,000 people about home insurance and whether they have a contents policy in place, and 26% admitted that they don’t.

This number jumped to over a third of people (36%) aged between 25 and 44.

Can’t pay, won’t pay?

Of those who don’t have contents cover, 47% said they couldn’t afford it, 33% don’t think they need it as they don’t have enough belongings to insure, and 12% said they’d previously had a policy but cancelled it in order to save money.

Ceri McMillan, home insurance spokesperson for Go.Compare, said: “These are really worrying numbers, and even more concerning is the number of people cancelling their contents policies to save money.

“Unlike buildings insurance, which is compulsory when you have a mortgage, contents cover is optional. And when everyone is looking to save on their outgoings, an optional insurance policy may be something that people look to cut back on. But the average contents home insurance policy costs £59 – and that covers all of your belongings in the home. Or another way to think about it is that if you tip your home upside down and give it a good shake, everything that would potentially fall out is your “contents”.

“If you add up the value of those belongings, it’s often surprising how much this can amount to. And then consider if something should happen – such as theft or a fire – could you afford to replace all of those belongings? Our data shows that the average amount that people insure under a contents policy is £30,000, and with the average policy costing £59, it’s one of the best investments you could make to protect yourself financially in the future.”

Top tips for buying contents cover

If you’re looking to buy home contents cover, Go.Compare has compiled a list of key considerations:

Value your contents – it’s worth spending some time walking around your home and making a list of your possessions. This will ensure you have the right amount of cover when you take out a policy.

Accidental damage – accidental damage is one of the top reasons for a claim, but this type of cover isn’t always included as standard in a contents policy so always check what’s included before you buy.

Cover for individual items – in addition to your total contents cover, you may need to take out additional cover for any expensive items such as jewellery, watches, or collectables. Check your policy limits for individual items, and if needs be, get an up-to-date valuation for your items.

Bike cover – insurance cover for bikes isn’t traditionally included as standard within home policies so you may have to take out additional cover to make sure you have cover for your bike away from the home.