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Brits 'neglect content insurance'

By Marianne Straker, Mon 23 Mar 2009 - Published in Life Insurance

Britons are leaving household valuables uninsured as they attempt to cut back on expenditure in the difficult economic climate, it has been revealed.

Studies by price comparison website uSwitch.com indicate that of the 3.9 million occupiers who currently forgo contents insurance, 46 per cent blame the current economic climate.

The company added that 18 per cent of UK households are now not protected by home contents insurance policies, resulting in almost £154 billion of valuables not being covered.

Mark Monteiro, insurance expert at the company, commented: "The fact that nearly half of homeowners and renters alike don't feel they can afford home contents insurance at the moment is a worrying sign of the times."

He added that recent crime figures show domestic burglaries are on the rise and homeowners are putting themselves increasingly at risk by cutting back on cover.

Earlier this month, studies by Halifax Home Insurance indicates 64 per cent of Brits are afraid of becoming a victim of theft, while 55 per cent fear ID fraud and 45 per cent are worried about the threat of vandalism and malicious damage.