Young adults most likely to claim on insurance
Young adults are twice as likely to make a home insurance claim despite being the age group with the least protection in place, according to comparethemarket.com.
The price comparison site said that two-fifths (42%) of those aged between 25 and 34 years old have needed to make a home insurance claim since the start of the pandemic, compared to just 19% across all age groups.
But they are also most likely to have no cover in place. A third (35%) of 25 to 34 year olds do not have contents cover compared to the average of 21%.
Young adults are also more accident-prone, according to the data. Over a third (35%) have damaged valuable items such as jewellery and laptops, compared to 17% across all age groups.
A third (34%) of young adults have spilt something on the carpet, and 23% have damaged the sofa, compared to 19% and 10% across all age groups.
In general, of those who had caused accidental damage, over half (57%) did not report this to their insurer. A third (34%) said this was because they did not have accidental damage cover as an add on.
According to comparethemarket.com data, the average home insurance policy costs £147 a year or £68 for contents only and is an effective way to protect your belongings and home.
Chris King, head of home insurance at comparethemarket.com, said: “Not having any type of home insurance protection in place can lead to expensive and unexpected repair costs that need to come out of your pocket – both for renters and first-time buyers.
“We would urge people to strongly consider taking out contents cover, particularly if they have valuable items in the house that would be costly to replace. Shopping around online and comparing home policies can be an easy way to find a cheaper deal and save money.”