Neglecting home insurance 'could be false economy'

26 July 2012 16:08:18

Home insurance could prove invaluable after a burglary.

You might think you're saving money by choosing not to buy home insurance until your finances are in better shape - but this could prove disastrous for your financial situation if you suffer a burglary or other mishap. New figures suggest that almost one in five households do not have home insurance, with many citing financial reasons for choosing not to buy cover. But The Co-operative Insurance has urged people to reconsider in light of the potentially devastating consequences of not having insurance.

One in five lack home insurance
New research from The Co-operative Insurance suggests that almost a fifth (18%) of us don't have home insurance. This increases to 36% of under-35s who would rather take their chances than spend a small amount of money each month to purchase cover.

When asked why they didn't have insurance, 56% of uninsured people said they could not afford it. One in four (24%) revealed that they used to have insurance, but had cancelled it as part of recent cutbacks. A similar proportion claimed that home insurance came low down on their list of priority expenses.

Many are careless with possessions
This widespread lack of insurance indicates that people need to be more careful than ever with their belongings - but sadly this appears not to be the case. A fifth of respondents said they regularly leave windows open when leaving the house, with 6% keeping large amounts of cash at home. Many Brits also make it easy for burglars to steal their possessions, as 5% of survey participants admitted leaving a spare key under their door mat.

Lee Mooney, head of home insurance at The Co-operative, described the findings as "worrying". He observed: "The issue is that no one thinks they're ever going to need insurance until something goes wrong, and in today's economic climate it's easy not to prioritise it. However, without it, you could be leaving your worldly goods open to damage or burglary and are risking paying out hundreds of pounds from your own pocket if something does happen."

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