Four Million Say It Would Take Being Burgled to Get Insurance, Post Office Data Shows

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Research suggests that a quarter of people do not have contents insurance.

Almost four million people admit it would take being burgled to make them consider getting their possessions insured, according to new data from Post Office Home Insurance[i], which also revealed over eleven million people (23 per cent) do not have their home contents insured.

Worryingly, a third (34 per cent) of those without insurance say they would only consider taking out insurance once their home had been burgled, rather than seeking peace of mind by getting cover to protect their belongings from theft, loss or damage. A fifth (18 per cent) of those without insurance also said that a family or friend being burgled would have the same effect. For 14 per cent of people without insurance, reports of crime in the area would make them consider taking out a policy.

A quarter of people (26 per cent) believe that insurance may be too costly. One in five of those who are uninsured (21 per cent) feel they don’t need insurance, and one in ten (11 per cent) think it is a waste of money. However, 29 per cent of those without insurance say they’re worried about not having cover; this figure rises to a third (33 per cent) of women.

Post Office head of Home Insurance Gerry Barrett said: “Anyone who waits until they or someone they know is burgled is playing a game of chance with their possessions. It’s not just opportunistic burglars that people need to protect your valuables from, but also hazards such as fires, floods or other accidental damage.”

For well over a million people[ii] getting a new gadget is the trigger they need to take out contents insurance. Of these people almost half (46 per cent) say they would take out insurance if they bought an iPhone or other Smartphone.

Gerry Barrett continued: “It’s not just your latest mod con which needs to be insured, and anyone who is waiting until they buy high-tech items could be putting the rest of their possessions at risk in the meantime. Few people would be able to afford to replace even the basics in their home such as clothes, kitchen equipment or furniture.

When it comes to the items we place most value on in our homes it’s laptops that top the bill, followed by items including jewellery, heirlooms or antiques, mobile phones and entertainment systems. A good night’s sleep is also important with beds featuring in the top ten of items which are most important to people.

Gerry Barrett continued: “While monthly payments can be off-putting, being able to replace those expensive gadgets and jewellery should you need is priceless for those who simply cannot afford to fork out for new ones. Underestimating the value of cover, or leaving it until after you need it, is not a risk worth taking.”

Post Office Home Insurance policies includes personal possessions cover of up to £1,500 as standard. Post Office Home Insurance also guarantees to beat the renewal premium offered by your current insurer by at least £25.

To find out more about Post Office Home Insurance visit http://www.postoffice.co.uk, call 0800 434 6731, or pop into your local branch.

For more information, please contact:

Ruth Barker
Post Office Press Office        
0207 250 2468 / 07575 888841

Notes to Editors:

[i] Populus interviewed 2,102 adults via an online survey between 09 - 11 September 2011.

UK adult population 49,121,000

23% do not have contents insurance = 11,297,830

34% say being burgled would make them take out cover; 34% of 11,297,830 = 3,841,262

[ii] 12% of uninsured UK adults (11,297,830) said they would take out insurance when they bought a new gadget = 1,355,740

Top Ten valued items revealed by survey – ranked in order of value (importance, not cost):

1. Laptop/ computer
2. Photographs
3. Jewellery
4. Family heirloom
5. Mobile phone / smartphone
6. Entertainment system
7. DVD / music collection
8. Bed
9. Clothes
10. Camera

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Ruth Barker