Many homeowners lack correct home insurance

by Richard Kilner

Story link: Many homeowners lack correct home insurance

Recent research conducted by the Nationwide Building Society has revealed that a large number of homeowners are failing to purchase the correct home insurance for their needs.

A fifth of those surveyed would not be covered for house fires, flooding or storms due to lack of buildings insurance.

A quarter of those who do have buildings insurance are unaware of what it covers.

Contents cover has not been taken out by a seventh, and of those who do have it a fifth value their contents at only £10,000-£20,000, meaning that they could be unable to replace everything they have lost should they lose their contents.

A sixth of those with contents insurance do not know what is and what is not covered by it.

People over 45 appear to be better informed than their younger counterparts, with a tendency to possess both contents and buildings insurance and to understand what it covers.

Nationwide’s Robin Bailey has expressed his surprise at the widespread lack of contents insurance, pointing out the very large costs incurred to acquire a home and certain expensive contents.