Half of young adults not protected by contents insurance

Oct. 12, 2010 - PRLog -- Latest research by the UK’s leading discount code and voucher website has revealed that nearly half of independent young adults don’t have contents insurance to protect the items in their home.

The poll, by http://www.MyVoucherCodes.co.uk, of 1,467 people in the UK, who were aged 18-25 and living away from their parents, found that 78% of the respondents were renting their home, whilst the remaining 22% had a mortgage.

Of the respondents that had a mortgage, 7% admitted to not having home insurance. MyVoucherCodes.co.uk further questioned the respondents without contents insurance and asked them to explain why this was the case.

More than half, 54%, claimed they didn’t have contents insurance because they just ‘hadn’t got round to it’ whilst 6% admitted that they thought it was a ‘waste of money’ and 11% said they were ‘unable to afford it’. Almost 1 in 10, 9%, of those without contents insurance thought they’d ‘never need it’.

3% of the people questioned by MyVoucherCodes.co.uk were ‘unsure’ as to whether or not the items in their home were covered by some kind of insurance policy.

Of the respondents that did have contents insurance, 12% thought it was ‘a legal requirement.’ 3% of the respondents admitted to needing contents insurance in the past when they didn’t actually have it.

Only 21% of the total respondents with a policy had made a claim on their contents insurance in the past.

Farhad Farhadi, personal finance expert at http://www.MyVoucherCodes.co.uk, commented on the findings;

“Contents insurance is something every young person should be thinking about, whether they are renting their home or they have a mortgage. People need to be clear about what kind of policy they need; when renting, tenants just need contents insurance most of the time, as the landlord should have the building covered. Those with mortgages need to look into both home and contents insurance.

“If you are ever unsure as to the kind of policy you need to be fully protected, just do a bit of research beforehand. When renting a property, discuss this with your landlord or the lettings agency.”

He concluded, “What was quite surprising, was that quite a high number of those without contents insurance were students and, as a recent study of ours has shown, students typically have many valuable items in their accommodation, like laptops, televisions and cameras!”

LINK http://www.MyVoucherCodes.co.uk

ENDS

For more information, or to arrange interviews, please contact Shannon Haigh or 10 Yetis PR Agency on shannon@10yetis.co.uk.

EDITORS NOTES

Mark Pearson, Chairman of MyVoucherCodes is a regular media contributor regarding online shopping and the credit crunch. At 29, his personal worth is more than £30 million. Mark was previously a trainee chef working for Gordon Ramsay at Claridges, London.

MyVoucherCodes has had sales exceeding £481m in the last year

Consumer savings on online shopping via MyVoucherCodes.co.uk up from £28m in 2008 to £52m in 2009.

http://www.MyVoucherCodes is the UK’s most popular discount site