50% of Londoners unaware of the items covered by their home contents policy

CLUELESS East Anglia residents are oblivious to the contents of their home, with half unaware of most of the items covered by their contents insurance.

But it comes as no surprise that East Anglia aren’t aware of what’s in their own home, with 57% admitting that they keep no pictures or receipts of their valuable items. The research from Moneyexpert.comrevealed that 50% update their contents insurance to include new valuable items when they buy them.

Top 5 items included on contents insurance policy

Tech

24%

Jewellery

22%

Appliances

21%

Furniture

19%

Power Tools

12%

With East Midland residents underestimating the value of their prized possessions (71%), they could find themselves out-of-pocket in the event of a claim. 8% of residents have been burgled or broken into and over a fifth (21%) have needed to make a claim on their contents’ insurance.

Safety conscious homeowners around the country are now making sure they take extra measures to protect their belongings, but some are still taking risks when it comes to their homes’ security.

Over two fifths (42%) of East Midlands and North West residents can sleep easier knowing they have an alarm installed, whereas it’s restless nights for the 85% of East Anglia residents without one. Londoners have taken extra measures to beef up their security, with 15% getting a guard dog and 14% installing a video doorbell.

The findings sparked a warning from Jason Smith, boss of MoneyExpert.com. He said: “It’s vital that people know the true worth of what they have in their homes. Taking a guess on the value of your contents could cost you money in the long run if you must make a claim and insurers think you are under insured. This can result in you receiving a pay-out that is much lower than the value of your items.

Homeowners and even those who rent, need to be careful of under-estimating the value of what’s in their home. It could easily bite them on the backside if they have a burglary or a fire and they find they’re not properly covered.”

Moneyexpert.com is one of the UK’s leading comparison sites, working for customers to make sure they get the best deals on a wide range of products, from utilities to home insurance.

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