8.5m households have little or no home insurance

Posted : 25-09-2006

New research has found that 5.5 million homeowners in Britain are underinsured and three million have no cover at all.

It also revealed that 31 per cent of 18 to 29-year-olds did not know whether their policy covered the full value of their belongings. Conducted by Abbey, the survey also found that "only four in ten people check details of their cover when they take out insurance".

Lloyd Wilson, head of protection marketing at Abbey, said: "People really do need to check they have sufficient cover in place – being underinsured can end up costing people a lot of money."

In addition, students are being advised to take out extra insurance before the academic year starts as Money Expert found one in ten will be victims of theft before Christmas.

The price comparison website discovered that many use their parents' home insurance yet 26 per cent of these policies do not extend to students' possessions.

Typical home insurance policies cover the house, garage and all personal possessions inside the property.


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