Homeowners seem to be taking the either/or approach by foregoing some part of their home insurance, but having both buildings and contents cover is important and not as costly as many may think.
(PRWeb UK) June 21, 2010
A poll has revealed that young people are not as safety conscious as the older generation, with under 34’s proving to be the highest group for those with inadequate insurance.
It would appear that older people outrank foolhardy younger adults when it comes to property protection and security, research has suggested.
A poll by website moneysupermarket.com found that 12% of homeowners under the age of 34 have inadequate home insurance, with some having either building or contents cover - but not both.
UK homeowners of all ages admit they are missing out on some form of insurance, with 6% admitting to having only buildings or contents insurance, and not both. This doubles to 12% of younger homeowners aged between the ages of 18 and 34.
Julie Owens, head of home insurance at moneysupermarket.com, said: "Inadequate cover is a serious problem for many homeowners, and is a very dangerous position to be in.
"Homeowners seem to be taking the either/or approach by foregoing some part of their home insurance, but having both buildings and contents cover is important and not as costly as many may think.
"Common incidents such as accidental damage, burglary or loss of possessions away from the home can lead to very expensive bills without contents insurance to protect you, and most mortgage providers will insist you have buildings cover before they lend to you."
The research adds weight to the adage that wisdom comes with age, with older people being substantially more likely to seek out and own proper home cover.
Opting to pay for the cost of your home insurance monthly is a good way of keeping the initial outlay for home cover down. Splitting the cost in to smaller payment amounts can also make things easier.
For home insurance especially designed for older people, visit Age Concern offers a range of services which tailor to the retired.
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