| A Worrying Lack Of Contents Insurance Among UK Residents |
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March 20th 2008 Recent research has shown that as many as 25% of UK homeowners and tenants do not have any house contents insurance whatsoever. The study, conducted by insurance price comparison engine Confused.com, found that many people were forgoing the peace of mind that home contents cover would bring despite increasing numbers of high value items such as plasma TVs, personal computers, games consoles and other gadgets. What is more astonishing is that a typical contents policy for £40,000 worth of belongings can cost as little as £43.98 per year but as with all insurance products the key is to shop around for the lowest prices and best possible levels of service. Over this Easter break, with weather forecasters predicting arctic gales and snow, it is no surprise that as many as 4 million Britons plan on travelling abroad. But managing director at Confused.com Debra Williams commented that people going on trips abroad should ensure they have contents insurance cover especially while their home is unoccupied. She stated that "Contents insurance is not a legal requirement, but should really be considered an absolute necessity". She continued: "Many people decide against contents cover without considering the potential pit- falls involved. By failing to insure their home contents, Britons are potentially setting themselves up for a large bill, not to mention emotional turmoil, should they be unfortunate enough to suffer any loss or damage." The Association of British Insurers claims that around £9 million was paid out on home and contents insurance every day in 2006 which only goes to show the common need for a suitable contents policy. In a separate study by insurer Allianz, this Easter bank holiday weekend is set to see £25 million worth of damage to properties and possessions around the UK thanks to DIY work that goes wrong, only highlighting the already clear signs that contents insurance is vital. |