One in four UK homes don’t have insurance
The Association of British Insurers (ABI) have said that a quarter of British homes don’t have insurance. This is the lowest level since 2012.
The ABI findings show that the average cost of home contents insurance now stands at just £2.40 per week — less than the average £4.40 that people in the UK spend on takeaways.
However, these cheap prices have failed to motivate people enough to get cover for their possessions. The ABI estimates that there are around six million homes without insurance covering their belongings.
Senior policy adviser at the ABI, Laura Hughes, said:
‘While the cost of home contents insurance is at all-time low, too many households are still playing Russian roulette with their possessions.
‘But spend a few minutes totting up the value of all your possessions and you’ll realise they can add up to a significant sum if they all need to be replaced at once.’
London is the area in the UK with the highest percentage of households that don’t have cover, at 45%. Northern Ireland has the lowest number of uninsured homes at 18%.
The organisation also found that the average price paid in the UK for buildings insurance fell by 8% to £258 last year — this is the lowest level recorded since 2015.
The average price for combined buildings and contents insurance has risen a bit — by about 1% to £307 last year. But this is still the lowest figure seen by the ABI since 2012.
Hughes continued: ‘In a highly competitive market, there are a range of specialist policies available to give you the cover you need at an affordable price.
‘Some housing associations and local authorities may offer cheaper home contents insurance, tailored to your needs and your budget.’
With home insurance more affordable than ever, it is the right time to get your belongings and your property insured if you haven’t already got cover. This way, you can rest assured that your possessions are safe — and so is the money you spent on them.
Use a price comparison site like A Spokesman Said to make sure you’re getting the right deal for your personal items and your house, and prepare yourself for any unforeseen problems as well as benefiting from some savings.
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