24 Nov 2024

One in Five without Home Insurance

Recent research by Nationwide has revealed that one in five do not have buildings insurance, while one in four of those with cover don’t know what is in their policy.

Unlike car insurance, it is not a legal requirement to have home insurance. However, considering the prices of homes these days it’s quite astonishing to think that 20% of the country wouldn’t be covered if their house was robbed or got damaged by floods, storms or fire. Nationwide’s insurance director, Robin Bailey, said: ‘It is surprising that so many people are prepared to take such a gamble on their homes and personal belongings when you consider how much time and money we all invest in our homes.’

That’s not all either, as those with policies often don’t take out cover for the contents of their homes, and they aren’t always sure of what is included in their policy. 14% of Nationwide’s respondents said they have no contents cover, even though most people’s home contents were estimated to be between £10,000 and £20,000. Meanwhile, 17% of those with contents insurance admit to not knowing what is covered under their policy.

The proportion of the population who have buildings insurance is very divided regionally; with people in more affluent areas being prepared to take it others see it as an extra and unnecessary expense. Only 35% of the respondents living in the North East were covered by buildings insurance. Londoners were the least likely to insure the contents of their home with only 23% of people saying that they had cover. This seems particularly startling considering the typically higher petty crime rate of inner city areas. Over 90% of people in Wales, the East Midlands and the South West were insured for their home contents.

The Cooperative offer a range of fully comprehensive insurance products, from home insurance to car insurance. If you’re looking for a better deal make sure you make this website one of the first stops on your search.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.

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