The top 5 things Brits forget to add to their home contents insurance
The top 5 things Brits forget to add to their insurance; Laptops and devices, Wedding/Engagement rings, Watches, Designer handbags, Inherited items like antiques, artwork and jewellery
A new study from AXA UK reveals that the average UK home contains nearly £30,000 worth of possessions, but many people severely undervalue their contents.
Only a third of consumers have complete understanding of what their home insurance does and doesn’t cover.
- Three in 10 adults have damaged or lost something, only to then discover it wasn’t actually covered by their contents insurance.
Research from AXA UK has revealed that the average UK home contains nearly £30,000 worth of possessions – but only a third have a complete understanding of what their home insurance does and doesn’t cover.
AXA UK’s study of 2,000 adults found Baby Boomers estimate they have the most possessions to the tune of £36,166, while Gen Z have the lowest with £21,744.
And the average one-bed flat is estimated to contain £15,713 and the average four-bed house has £41,361 worth of goods.
But the average adult adds to their belongings, purchasing around £1,000 worth of impulse buys every year.
It comes as insurance experts at AXA revealed many 'severely undervalue' the items they acquire over time.
And one in 10 of the adults polled admitted that when it comes to insurance, they tend to just buy the cheapest policy and hope to never need it.
'Although the average UK home is estimated to house almost £30,000 worth of contents, we know that many people severely undervalue their belongings and run the risk of being left unprotected. While getting a good price for your insurance is important, it’s amazing how many possessions we can acquire over time so make sure your policy covers everything you need it to.' - Tara Foley, CEO at AXA UK Retail
Despite the older generation having more possessions, they are less likely to know exactly what their contents insurance covers than savvy Gen-Zers.
The results also found men are slightly more likely than women to have items in their home which they consider to be irreplaceable or priceless.
The most common of these items was deemed to be photos, followed by jewellery and other pieces of art.
But three in 10 adults, polled via OnePoll, have damaged or lost something, only to then discover it wasn’t actually covered by their contents insurance.
On average, Brits believe they pay out £578 annually on different kinds of insurance, including for their home, car and pets.
Those aged 25-34 spend the least of all age groups, at just over £501 – with people aged 55-64 paying the most annually, around £615 per person.
According to AXA UK, people should specify expensive, high-risk items like engagement or wedding rings, laptops and watches on their insurance policy because they’re easily stolen and resold.
People also often don’t know how much inherited items like antiques, artwork or jewellery are worth, so it’s important they get these valued and tell their insurer too.
“It’s easy to miss things when it comes to insurance, after all you often only know you need it when it’s too late,” Tara added.
“It’s worth, every so often, taking an inventory of the things in your home and checking your home and contents insurance is up to date.
“And if you’re not sure whether your insurance covers things like lost engagement rings or smashed phone screens – check your policy or get in touch with your insurer.
“That peace of mind is well worth a small amount of ‘life admin’ every 12 months or so.”
AXA UK has developed a contents insurance calculator so customers can get an idea of what their possessions are worth.
The top 5 things Brits forget to add to their insurance
- Laptops and devices
- Wedding/Engagement rings
- Designer handbags
- Inherited items like antiques, artwork and jewellery
In July 2012 the AXA Commercial Lines and Personal Intermediary businesses came together to form a new single organisation – AXA Commercial Lines and Personal Intermediary.
The business offers brokers a more integrated and consistent approach from AXA which is focussed on their needs as a business – whatever the product. AXA Commercial Lines & Personal Intermediary provides underwriting expertise, offering a range of commercial lines and personal lines products and insurance solutions to our brokers and customers. AXA Commercial & Personal Intermediary is part of AXA Group, a worldwide leader in insurance and asset management serving 101 million clients