A new study has revealed that a staggering £276 billion worth of possessions are uninsured in the UK. The research estimated that the total value of the UK’s contents is a jaw-dropping £827 billion, but said around 9.3 million households do not have any contents insurance. As a result, it’s likely that only a few of these belongings are properly covered, and could disappear should the worst happen.

The calculations, produced by Go.Compare home insurance, come from census data on the number of residential properties in the UK and FCA statistics on the number of contents insurance policies in place. Using these figures, the comparison site estimated that billions’ worth of our belongings are at risk of being lost.

The research also found that many of those who are insured do not have the right amount of coverage. Approximately 5.6 million homes in the UK are underinsured for their contents, meaning that millions will not receive the funds they’d need to repair or replace their possessions – even if they claim.

The comparison site says a possible reason for this is that many people might be falling foul of insurance pitfalls. Less than a quarter know how to calculate an accurate valuation of their possessions, according to the report, meaning 76% are at risk of having insufficient coverage from their policy.

Similarly, only 43% said the value of their possessions is up-to-date on a contents insurance policy, and just 39% said they know that contents insurance policies often have a single-item limit. Overall, a third of respondents said they did not know about any of these three issues – all of which could lead to underinsurance.

Ceri McMillan, home insurance expert at Go.Compare, says: “It’s shocking to see that so many might not have the coverage they need to keep their possessions safe. Millions of pounds are at risk of being lost, highlighting that many of us need to take action to make sure our possessions are properly protected.

“While it might not be the first thing on your mind, it’s critical that you update the value of your home’s contents regularly. Otherwise, you risk being underinsured and might not get the funds you need in a worst-case scenario like a fire, flood or theft. This results in the cruel double-whammy of losing your possessions and having to absorb the financial cost of replacing them.

“A good way of getting into the habit of updating your insurance is to make sure you revalue your possessions whenever your policy renews. You should also consider updating it after you’ve made any big purchases, such as jewellery or tech, or after big occasions like Christmas and birthdays where you might have an influx of new possessions.

“If you do make any big purchases, be wary of single article limits that might be on your policy, too. For anything you buy that might be worth more than £1,000, double-check your policy will provide sufficient coverage. You might need to inform your provider about these so they can be listed individually.

“Many people find it difficult to provide an accurate estimate, but there are ways you can get support with this. Our online contents insurance calculator can help you come to a realistic valuation, so consider trying this if you’re struggling.”

More information can be found on Go.Compare’s website.