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The real cost of not having home insurance

Thousands of uninsured consumers risk huge bills
Home contents insurance

Don’t undervalue your home contents when taking out insurance

Uninsured victims of burglary incur an annual bill of £200 million, because one-in-four homes are not covered by contents insurance, while one-in-three have no buildings cover.

According to new research, more than 6 million homes face the added cost of repairing substantial damage to their properties and replacing lost or damaged possessions because they did not take out home insurance

Counting the cost of no cover

The Association of British Insurers estimates that the average home insurance claim is for around £1,260, significantly more than the cost of an annual buildings and contents insurance policy, especially if this is obtained from a Which? Recommended Provider. Around 10% of households are believed to make a home insurance claim each year. 

Steve Reid, retail director at Yorkshire and Clydesdale Bank, which conducted the research, said: ‘It makes sense to take precautions to prevent burglaries from happening in the first case. But security measures are not fool-proof and you can still fall victim to a determined burglar. Adequate home contents insurance can’t stop the crime from happening but it can ease the burden should the worst happen.’

To find the best insurance cover from an insurer with excellent customer service, read Which? home insurance reviews.

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