Over the past three years, 6% of people have missed a typical payout of £1,000 from their home insurance provider because they haven’t bought the right level of insurance cover, new research reveals.
The poll of 2,000 Brits by insurance broker Swinton Group found that a lack of knowledge about what they should insure has meant that one in 20 Brits typically missed out on £1,017 due to unsuccessful insurance claims over the past three years.
Half of those polled were unsure that the information they had provided to their insurer was correct, while 18% admitted that they were unsure they understand which valuables are covered by their contents policy. Almost half (48%) confessed that they only spent up to an hour researching and buying their insurance policy.
Anne Kirk, marketing director at Swinton Group, says: “Underinsurance is costing Britons an astronomical amount. But this could be avoided if people understood exactly what they’re actually covered for.
“We want to encourage people to seek the support of professionals if they have any doubts about what is, and importantly isn’t, covered within their insurance policy.”
In addition, the poll revealed that the UK’s most prized possessions are: sentimental items (63%), technology (45%), jewellery (39%), collectables (33%), and clothing (17%). However, fewer than six in 10 (58%) of those who have a contents insurance policy were confident that it covered technology and only 53% were sure their jewellery would be covered.