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Home Articles Home Articles Homes and Interiors Nearly 1.5 million Brits Underinsure Their Property
Nearly 1.5 million Brits Underinsure Their Property PDF Print E-mail

Monday, 24 January 2011 03:29

Do you have both buildings and contents insurance? Hopefully, you’ve answered that question with the answer “Of course I have”, but if you didn’t, you’re part of a worrying number of people who are missing some form of insurance on their home – One homeowner in 16 is underprotected when it comes to their home – the most expensive thing you’re ever likely to buy.

Even more worrying is the fact that in young homeowners (18-34), that number doubles to one in eight. Half a million people only protect their contents, 750,000 the building only, and a terrifying 250,000 have no cover whatsoever.

What makes this worse is that the average home can be covered for less than £20 a month – A small price to pay when you consider the cost of having to pay for something that your insurance would normally cover. When you consider that the most common insurance claim made by DIY’ers is for £1250 (replacement carpets after spilling paint on them), and simple mistakes like misplaced nails costing in excess of £2,000 to repair if they damage a pipe, it’s fair to say that not having any cover is a pretty serious problem, especially if you plan on doing a bit of work to your house.

And even if you’re not of a DIY persuasion at the moment, there’s still plenty that can go wrong. Storm damage, for example, can cost not far off £3,000 to repair on average, or if you are burgled there is no telling how much having lacking insurance could cost you.

On average, home insurance quotes sit at around £164 for the year, (Although they can potentially rise or fall by quite some amount depending on where you live), and as such it’s not the most expensive cover you’ll ever need to buy – most providers will let you pay monthly as well, which will help keep your outlay managed throughout the year.

One in six DIYers have had to call in a professional tradesman to fix mistakes that have been made around the home, and that’s a cost that can be covered by your insurance, assuming you have it!

As a final point, most home insurance also covers personal liability – which means that if you don’t have it and someone injures themselves on your property, then sues, that money is coming straight out of your pocket – and it ain’t cheap either.

Source: Money Supermarket

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