Britain uncovered: The 7.5m households without contents insurance
Over 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.
“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.”