1.5m 'putting homes at risk' with inadequate insurance cover
By myfinances.co.uk staff
Around 1.5 million households are putting themselves in a "dangerous position" because they lack adequate insurance to cover their property, according to a new survey.
The poll by moneysupermarket.com found that six per cent of home owners have either buildings or contents insurance. This figure doubled to 12% among the 18 to 34 age group.
Some 500,000 people only protect the contents of their home, while 750,000 just have buildings cover.
Another 250,000 have no insurance in place at all, the site said.
Julie Owens, head of home insurance at moneysupermarket.com, said that in the event of accidental damage, break-ins or loss of items outside of a property, people without contents cover could be left with "very expensive bills" for repairs or replacements.
Similarly, people without a buildings policy could be left out of pocket if their house is hit by subsidence, burst pipes or a broken boiler.
"Giving yourself peace of mind by having appropriate buildings and contents insurance is well worth it and doesn't have to cost a lot," Ms Owens said.
According to research by Clydesdale and Yorkshire banks, uninsured victims of burglary in the UK face an annual bill of £200 million to replace stolen items.
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