Home Insurance Thu, Sep 11, 2024
Are you in the group with no home insurance?
A report by Fair Investment insurance has highlighted the massive under cover which is present in the UK home insurance market. The report has revealed that one third of the UK population has no home cover of any sort – whether this is buildings or content cover. So what is happening?
The figures being quoted are all the more amazing when you consider that some ten percent of UK homes are now considered to be at risk of flooding, putting a massive £214 billion of assets at risk in England and Wales alone. While some areas of the UK are currently in a fight with the government and the insurance companies to arrange affordable cover in high risk locations it seems that some people are showing no interest, despite the obvious dangers.
The report, which questioned over 2,500 people throughout the country, also confirmed that men were less likely than women to have home insurance cover in place with the figures being 57% against 64%. This has prompted calls for a nationwide education program about the need for insurance and the risks of having no cover in place.
While there have always been some people who have ignored insurance cover it seems as though the figure is being pushed higher as the credit crunch hits home.
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