Many Brits do not possess suitable home insurance

Many individuals in the UK do not possess adequate home insurance, new research has shown.

Carried out by MoneySupermarket, the study revealed nearly 3.5 million householders in the nation have failed to obtain suitable home contents and building cover .

According to the findings, nine per cent have one or the other form of protection – but not both – while an additional two per cent do not have either plan in place.

Peter Harrison, insurance expert at MoneySupermarket, noted recent poor weather and heightened risk of flooding have served to remind people of the need for adequate protection.

Mr Harrison stated: “Homeowners without adequate buildings and contents insurance are taking a huge risk by leaving their homes unprotected and are potentially storing up a financial catastrophe.”

He added these people might therefore suffer should a major incident take place, which could even result in them being left without a house to live in.

In addition to homeowners, it was also demonstrated that home insurance appears low on the priority list for those living in rented accommodation, with 33 per cent of tenants admitting to having no cover in place whatsoever.

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