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Is your home uninsured? Over a quarter in London are at risk

ARE YOU INSURED?: 25% of people in London have no home or contents insurance A

A NEW study from home insurer Together Mutual Insurance reveals the vulnerability of Britain’s homes as one in five Brits (20%) admit they have no contents or buildings insurance.

When it comes to London, the figures are even higher with 25% of people having no home or contents insurance A despite playing host to £28,214 worth of contents.

These findings come as a report by a coalition of the world’s biggest insurers reveals that extreme UK weather events are driving up uninsured losses1.

Crime rates don’t look much better either, as the Office for National Statistics reports that police-recorded crime across England and Wales has risen by 10%2 – the largest annual rise for a decade with up to 10,500 burglaries reported.

The cost of contents

The cost of this risk goes beyond the one in five who have no home insurance in place. Shockingly, of those with buildings insurance, 47% of people wrongly believe their contents is also covered, with the average household contents amounting to £28,214.

The most expensive items in UK homes are deemed to be kitchen appliances which amount to an average of £2,218 per home followed by jewellery (£1,760). Despite the high value of the belongings in UK homes, 19% of those who don’t have home insurance are people that have never even considered getting contents insurance while nearly one in ten (9%) believe their area is safe enough not to need any protection.

An infographic from Together Mutual Insurance

Ignorance is bliss

It may be surprising to find that women are the worst offenders when it comes to leaving their home and its contents unprotected with just 47% bothering to get full home insurance, compared to 56% of men.

Meanwhile, people in private rental accommodation are at risk with 42% of properties left uninsured followed by students with 31% of properties at risk.

Jon Craven, CEO of Together Mutual Insurance said: “There seems to be a confusion around the different types of home insurance and as a result, thousands of pounds worth of goods are sitting in British homes unprotected. The main area of misunderstanding seems to be around buildings insurance as 51% of people mistakenly believe it covers their contents as well."

"We would strongly advise that any homeowner or tenant checks with their preferred insurance provider to discuss what the available options are to protect their home.”

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