In a recent study by UK building society Nationwide over a third of respondents revealed that they do not have buildings insurance, so would not be covered in the event of damage caused by floods, storms, or fire.
According to the findings of the study, 25% have not taken out cover for the contents in their homes. The majority of those questioned estimate that the total value of their home contents lies between GBP10,000 and GBP40,000.
Furthermore, almost 30% of those with buildings and contents insurance do not know what is covered under their policy.
The research also revealed that those aged 16 to 34 are least likely to know what is covered under their buildings insurance or whether they are covered at all. However, those aged 45 and over are more likely to have both buildings and contents insurance and claim to possess full knowledge of what is covered.
Regionally, it is Londoners who are least likely to be covered by both buildings and contents insurance, compared to those living in the Midlands, East Anglia and the South East who are most likely to be insured.