Widespread lack of proper home insurance

by Richard Kilner

Story link: Widespread lack of proper home insurance

The effects of the recent storms that have struck across the UK may be exacerbated by the high proportion of homeowners who lack the proper insurance, according to fresh research from Sainsbury’s Home Insurance.

There are over one and three-quarter million people in the country who lakc buildings insurance, the research reveals.

Surprisingly, over half a million people (656,000) are uncertain as to whether or not they possess the insurance.

The cause of the lack of coverage is primarily that is is seen as not necessary, the reason cited by 39% of those without it.

Cost seems to be only a minor reason in comparison, cited by only 2% as the reason for not having it.

Insurance has soared up the agenda in the national consciousness since the disastrous floods of mid-2007, the lesser floods of January 2008 and the recent earthquake.

Given the widespread press coverage of the flooding and earthquake homeowners are well advised to make sure they have the necessary insurance, otherwise any damage incurred due to weather would not be covered by insurance.