Brits fail to insure their most treasured possessions

Anyone who has ever been burgled or had their home damaged by fire or flood will know how distressing it feels to lose a treasured personal possession, regardless of its material value.

And for 14.5 million people this is an unfortunate reality with almost a third (32 per cent) saying they have a treasured possession.  Despite this, one in four Britons risk heartbreak and continue to put their most treasured possession at risk by having inadequate home insurance according to the results of a survey from Santander Insurance.

Photos, music and rings

The research conducted for the launch of Santander's award winning Peace of Mind Plus Home Insurance, asked consumers to name their most treasured personal possession. Photographs topped the list for 24 per cent, followed by their music collection (8 per cent) and wedding and/or engagement rings (8 per cent).

When asked to put a cost against their most valued treasured possession, one in four (23 per cent) of people said it was ‘priceless' with no cost attached. For those who were able to attribute a figure, the average amount was £1,891. Despite this a startling one in five doesn't know if their insurance actually covers their most treasured possession and a further 14 per cent don't even have cover.

Almost two in five (37 per cent) of people said the feeling of heartbreak would be the worst thing about losing their treasured possession while one in five admitted inconvenience and cost would be the hardest thing to deal with.

And the research found that almost a third of people believe it's possible to insure against the loss of children while two-fifths believe they can insure against the loss of their spouse or partner.

Men and women

Almost half of women polled (44 per cent) said losing a treasured possession would cause heartbreak as opposed to a third (29 per cent) of men.  For more than a third of men (36 per cent) the cost and inconvenience of replacing the item would be the worst thing about losing their most valued possession.  And 14 per cent of men admitted to having no treasured possession at all - in contrast to 5 per cent of women.

Across the UK

Regionally, it seems that people from Wales take the most care of their treasured possessions with 77 per cent claiming they have never lost them.  Londoners (41 per cent), on the other hand, were the most likely to have lost a treasured possession.

Colin Greenhill, Director for Santander Insurance, commented: "Until you actually lose something of immense personal value you've no idea how you'll feel, but our research shows that a good many people do put their most valued item at risk.  A fifth of people say they don't know if their insurance will cover their most treasured belongings.

"Buying your home insurance based solely on price may seem like a good idea, but it may also leave you with poor cover and at risk of being underinsured, paying more in the long run.  Santander Peace of Mind Plus offers value-for-money but with some of the best cover available.  If your treasured possession is damaged or lost, we can certainly help ease the pain."