More than a third of the UK population may knowingly be under-insured. In new research commissioned by digital document storage provider MyGlobalSafe.com 36 per cent stated that they did not have, or did not believe they have, enough contents insurance cover for their homes.
Other key finding were that although 77 per cent said they kept receipts of valuable items, 74 per cent did not know whether they would be able to find their receipts. A massive 98 per cent revealed that they failed to keep a full inventory of their possessions and that, in the event of a disaster, 81 per cent would have to work from memory alone.
Nick Charles, Managing Director at MyGlobalSafe,com, said, “The shocking figures from this research show that despite the increasing risk to homes in the UK, particularly from flooding, people are simply not taking the need to have adequate contents insurance seriously enough. The insurance industry needs to do more to highlight the financial risk people are taking by not having enough cover.”
The research also showed that less than 2 per cent of people make copies of their receipts and file them separately in a secure location away from home, while 59 per cent said they never kept copies of other important documents such as passports, which are at risk in the home.
“Having enough cover for your insurance is obviously a good first step but what happens if you need to make a claim? It seems that even many of those who do have enough contents cover would struggle to find the receipts or know what possessions had been lost in the event of a flood or fire,” concluded Charles.
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