Monday, 21 August 2017

Home Insurance Not Yet A Priority For Millions Of Britons, Says Research

Written by Posted On Wednesday, 29 March 2017 11:19

 

Even though the British weather shows its wrath on the buildings and lots of damage happens due to natural calamities, there is still a section of the British crowd that remains dormant to the need of home insurance. According to a research by the NFU Mutual which was in collaboration with YouGov, it was discovered that 17% of home owners have no idea about the total value of contents in their home.

This means that millions of pounds of home items are uninsured leaving them open to any kind of human or natural damage. In addition, at least 19% of people were not aware about the costliest item in their home suggesting the fact that they have never estimated the cost of their home contents and so have not thought of buying content insurance. Around 24% voted for technology gadget as the piece of expensive item while 23% voted for jewellery and ornaments.

This attitude would leave them in shock if they ever have to replace any of these items or even sell them. By not knowing the price, one can be easily fooled by buyers and would suffer from major losses. It is important to evaluate things that belong to the high value bracket and insure them so that one does not incur big losses in case they are damaged and stolen.

Ross Garner, high-value home specialist at NFU Mutual, shared his opinion on the topic by saying that "Our research shows that many people simply don't know how much their possessions are worth, even if they do have an inkling, their estimates are likely to be significantly wide of the mark if they haven't had expensive items such as jewellery valued in the last five years.”

"Technology may be one of the more expensive purchases homeowners make, but it is also likely to depreciate quite quickly. It's often the items that aren't bought so frequently, including those received as gifts or an inheritance that can increase significantly in value over just a few years. That's why it's important to assess the value of your possessions every few years and update your home insurance too so your most treasured possessions are properly covered if you ever need to make a claim." he added.

It is always advisable to buy a comprehensive home insurance policy for your home building and its contents. Knowing the exact cost helps you to make a claim to recover the losses in the event of any catastrophic situation. The payout of the claim helps you to regain the money lost due to any damage. There is no point remaining underinsured as there are lots of insurance providers that offer affordable home insurance quotes.

It is again important to shop around in order to get maximum discount, cheaper deal, reliable support and higher pay-outs. If this is a difficult task for you then you should check Price Comparison Websites where you can compare 40+ home insurance providers across the UK and come up with the cheapest quotes for your home.

 

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Maulik Virparia

Maulik is a passionate learner and keep updated himself with all latest regulations and updates from UK Government. At the same time, he keeps eye on industry veteran's opinions and views on UK realty market.

He writes on important updates from the market with an aim to aware UK households.

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