Uninsured victims of burglary are facing a combined annual bill of £200 million, according to research from Clydesdale and Yorkshire Banks.
The research suggests that thousands of UK households burgled every year are not covered by home insurance. As a result, over 6 million homeowners are forced to foot the cost of burglary themselves.
Many UK homes still without cover
The banks analysed statistics from the Association of British Insurers to find that around one in four households in the UK are without home contents insurance, while approximately one in three have no buildings cover.
The UK insurance industry is said to pay out around £3.2bn each year on claims for damage and theft of property – including burglaries – with one in ten homes making a claim each year. The average is claim on buildings cover is roughly £1,260, while the average claim on home contents insurance is just over £1,200.
Home insurance offers peace of mind
Which? insurance expert Dan Moore commented: ‘Not getting adequate home insurance is asking for trouble.
‘We all have a lot of valuable possessions tied up in our homes and putting aside the emotional stress incurred through loss or damage, insurance is a small price to pay should the worst happen.’
Competitive home insurance quotes
If you’re looking to reduce the price of your home insurance premium, it makes sense to put locks on your windows, install British Standard five-lever mortice locks on your doors and, if you can, fit a burglar alarm that you use at all times.
It’s also vital to shop around for the best deal. While price comparison sites can be helpful, the Which? investigation into how they work shows you should use them with caution. The Which? review of home insurers features recommended providers of home insurance, who provide high quality policies as well as receive strong customer services feedback from our members.
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