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Nearly one in five Brits don't have home contents insurance

4th March 2014 Print

Nearly one in five (19%) Brits does not have home contents insurance despite the wild weather over the last few months and the recent boom in retail spending over the Christmas period, according to research commissioned by esure Home Insurance. Those aged 18 to 34 years old were most affected with 34% surveyed claiming not to have their home contents insured in contrast to 91% of people aged 55 or over who have ensured they are covered.
 
Regionally, those living in London were least likely to have home contents insurance (32%) with those in the East of England (84%), Scotland (83%) and Yorkshire & Humberside (82%) most likely to be covered. Echoing this, 84% of people living in rural areas had policies in place compared to 70% in urban areas.
 
In terms of those with home contents insurance, only 38% knew exactly what was covered, with men (44%) more likely to know than women (33%), while 60% only had a vague idea or did not really know what was covered in their home insurance policy.
 
Nikki Sellers, Head of Home Insurance at esure, said: “The survey results certainly showed some interesting age group and regional variations to the importance people place on home contents insurance.”
 
“With just over a third of people knowing exactly what was covered in their policy, it would seem they don’t pay attention to their home contents insurance policy as much as they should. People are putting their possessions at risk if they take enough notice of their insurance policy and what it covers.”
 
Top Tips for Home Contents Insurance Savings:

1. Check your policy clearly and understand what is and is not covered;

2. Identify how you can better protect your house to reduce the premium you pay through home security provisions such as alarms or locks for doors and windows; and

3. Increase the voluntary excess you are prepared to pay.
 
It does seem as though the younger generation (18-34 year olds) are most in tune with updating their policy with 31% having increased their level of cover over the last two years compared to just 19% of 35 to 54 year olds. In fact, 62% of these 18 to 34 year olds have increased their level of cover since last Christmas due to gifts they received or items they purchased.
 
More Males (29%) increased cover over the last two years than females (19%); while, from a regional perspective, Londoners (32%) are leading the way compared to just 18% of those in Wales and 22% in the South West of England increasing cover.
 
The reason why people have increased their cover in the last two years is primarily (61%) due to an increase in the value or number of items they have. In terms of age groups, 71% of those 55 years old and over compared 64% of 35 to 54 year olds and just 44% of 18 to 34 year olds citing an increase in possessions as the reason they increased the level of home contents insurance.
 
Interestingly, 42% of 18 to 34 year olds state moving house as a reason for increasing policy cover, much higher than 35 to 54 year olds (11%) and those 55 years old and over (8%). While 29% of the younger age group (18–34) increase their level of cover due to coming into an inheritance.