UK homeowners 'have undervalued insurance'
Published On 25 September 2007
Many people in the UK could have seriously undervalued their home contents insurance because they have never reviewed their cover level, a new report has warned.NFU Mutual found that 23 per cent of Brits have never reviewed their level of home contents cover.
However, the insurer warned that many households have invested in expensive gadgets in recent years and that they should inform their cover provider to make sure these items are included in the policy.
Worryingly, the study also revealed that people in some areas of the country have opted to forget about home contents insurance completely. Around a third of Londoners (30 per cent) have no cover at all.
"Our research shows that some of the reasons given for not reviewing include ignorance, laziness and a belief that the process is time consuming," claimed Laura Wood, a spokesperson from the insurer.
"There really is no reason for people not to check their cover on a regular basis.
"As well as annually, other good times to review your level of cover could be when you make a large purchase, move house, [or] begin living with someone."
Recently, the British Insurance Brokers' Association (Biba) said that too many people in the UK were failing to update their home insurance after events like weddings.
