Millions without Contents Insurance

The Association of British Insurers has produced some welcome news with its Home Insurance Premium Tracker, which has revealed that home contents insurance costs are at their lowest since data was first collected seven years ago.

At present, homeowners and renters can expect to pay an average of £2.40 each week to insure their contents and are looking at an average annual expense of around £127. There was good news for policyholders with buildings insurance cover, too, as the average annual price fell to £258, which represented an 8% fall on 2017’s prices and sees costs hit their lowest average level since 2015.

However, the ABI’s findings also discovered that one in four households do not have any contents protection and would be at risk of having to replace all of their possessions from their own pockets in the event of a break-in. This amounts to six million UK homes, with those living in London found to be the chief offenders thanks to a whopping 45% to admitted to not having a contents policy in place.

“While the average cost of home contents insurance is at an all-time low, too many households are still playing Russian roulette with their possessions,” stated Laura Hughes, a senior policy adviser for the ABI.