Billions of household valuables 'left uninsured'
Personal insurance
24th March 2009
More than £150 billion worth of household valuables are being left uninsured as homeowners tighten their belts during the recession, it has emerged.
According to research by uSwitch.com, 3.9 million people are forgoing home contents insurance, with 18 per cent blaming the current economic climate.
Over 40 per cent of respondents said that paying off debts is now their main priority when it comes to spending cash.
Among those most at risk are students between the ages of 18 and 24, 39 per cent of whom have not secured an insurance policy for their possessions, uSwitch.com revealed.
Mark Monteiro, an insurance expert at the website, said that as domestic burglaries rise, consumers are leaving themselves vulnerable to crime by not having insurance.
"The long-term financial consequences of being a victim of burglary or suffering damage to your property and possessions will be far more devastating if you are not adequately covered," he commented.
A survey by Neighbourhood Watch found that 55 per cent of those questioned think crime is the most important issue currently facing people in the UK.
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