Brits filling their homes - but failing to update contents insurance
17/03/2005
New research has revealed a worrying trend amongst British homeowners, who are increasing the value of their possessions without updating their contents insurance - leaving valuable items dangerously underinsured.
The survey by Sainsbury's Bank revealed that 51 per cent of those questioned had increased the value of their home contents over the last year, without amending their home insurance policies accordingly.
About 3.4 million people claimed to have bought new items increasing the value of their possessions by more than £5,000, but about 27 per cent of these people also admitted having overlooked the need to update their insurance accordingly.
Underinsurance can be a major problem when faced with loss, theft or damage to items, as payout can be less than the value of the items.
A recent survey by Hiscox highlighted the problem, indicating that many homeowners failed to account for the contents of their attic when insuring their contents.
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Securing your home & garden
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