The figures were reported by the Association of British Insurers (ABI), who also pointed out that the average UK household contained contents worth around £35,000, more than the average UK annual wage of £27,000.
There are around 22.6 million homes in the UK and roughly 5 million of those are not insured. 42% of those who didn’t have insurance, the claim reported, said they simply couldn’t afford the additional cost.
The most common home insurance claim in 2017 – the most recent statistics – were for water damage, these accounting for 28% of all claims. Another common claim was for a burst pipe, which had an average claim worth of £25,000.
How much is home insurance?
Despite a large chunk of uninsured homes blaming the cost of insurance for not being insured, the average cost of combined home and contents cover was £309 per year, which equates to just £6 per week. For contents insurance only, the annual cost dropped to £138, which works out around £3 per week. Given that is covering an average £35,000, we’d say it’s good bang for your buck!
Contents breakdown
Whilst £35,000 is the rough estimate for contents value in UK households, what about if you’re a couple in a small home or a bachelor in a flat? The average one bed flat has contents worth just over £20,000 whilst two bed flats have around £27,000. The average four bed house has possessions worth just shy of £50,000 while the contents in bungalows exceed £42,000. In total, UK household contents combined exceeded last year’s government spending at over £1 trillion.
What can you do?
For those with a mortgage, a home insurance policy could be required as part of the agreement with your lenders. Even if it’s not, a combined home and contents insurance policy can give you added protection. Especially if you live in higher-risk area which suffers poor weather or has high crime rates.
At Jukes Insurance, we can help assess your situation and offer a home and contents insurance policy that is robust, affordable and flexible to your needs. Give us a call on 01527 874092 for a quick chat or quote.
