Storms rage as 1.78 million forego buildings insurance

by Gill Montia

Story link: Storms rage as 1.78 million forego buildings insurance

This week could see some homeowners in desperate financial straits because their properties are not insured.

As severe storms affect large parts of the country, research from Sainsbury’s Home Insurance suggests that 1.78 million homeowners are without buildings insurance, with a further 656,000 people not certain whether they have the cover in place.

According to the research, female homeowners are more likely to be at risk than men: 6% of female respondents admitted to not having buildings cover, compared with 4% of men.

The elderly and the young can also be lax on this type of cover, with 8% of homeowners aged 65 and over and a further 8% of those aged between 25 and 34 without buildings insurance.

Cost does not seem to be a prohibitive factor. When homeowners without buildings insurance were asked why they did not have the cover, 39% said they felt it was not necessary and only 2% said that they could not afford it.

Neil Laird, Home Insurance Manager at Sainsbury’s, says: “Thousands of homes could be at risk from storms this week so it’s alarming to see so many without buildings insurance. The growing number of weather-related instances really highlights the importance of having adequate cover in this area and unlimited buildings cover ensures peace of mind that you won’t be left underinsured should the unthinkable happen.”