Many consumers have no home insurance cover in place

According to a recent study there are many consumers in the UK who are living in homes without having any home insurance in place. Having home insurance is vital for consumers that want to protect themselves against financial losses in relation to their house and the contents within, but a surprising number of people do not have this valuable protection in place.

Research was carried out by Clydesdale and Yorkshire banks, and according to bank officials around one quarter of consumers in the UK have no content insurance cover in place, which means that they have no financial protection against damage, theft, or loss of items within the home, many of which may be very valuable.

The results of the study also showed that a massive one third of people have no buildings insurance in place, which could ultimately results in huge financial problems in the event that the building is damaged in some way. The bank said that every year thousands of people that have no home insurance in place end up being burgled, and the average cost of repairs and replacement of belongings is £1260.

One insurance firm pointed out that even those that do have insurance cover often risk invalidating it by doing things such as leaving their windows and doors open when they leave the house. There are a number of other actions that could result in homeowners invalidating their cover.

Steve Reid from Clydesdale Bank said: “It makes sense to take precautions to prevent burglaries from happening in the first place. But security measures are not fool-proof and you can still fall victim to a determined burglar. Adequate home contents insurance can’t stop the crime from happening, but it can ease the burden should the worst happen.”