7.5 million homes have no contents insurance

23 Feb 2018 The ABI’s ‘Britain Uncovered’ study has revealed that over a quarter of households – 7.5 million – have no contents insurance, leaving possessions worth over £266 billion unprotected and at risk.

Commenting on the findings, a spokesman for GoCompare said: “Unlike buildings insurance, which is compulsory with a mortgage, contents cover is completely optional and for many, particularly those in their 20s and 30s, getting it doesn’t appear to be a priority. 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 out-goings.

“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.

“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.

“Shopping around to compare prices and cover levels is easy, and free, so you may as well have a look around to see if it’s something worth your while to invest in.”

For more information on home insurance http://www.gocompare.com/home-insurance

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